Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) said that a consortium comprised of Al Raed for Agricultural Production and Real Estate Investment and New Smart for Construction submitted an offer to acquire a controlling stake in El Nasr for Manufacturing Agricultural Crops.

The consortium offered to acquire up to 7.078 million shares, representing 90% of the company’s shares, after excluding the minimum limit of free trading shares, or a minimum of 51% stake at a price of EGP 45 per share, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The proposal is still under review by the FRA, the statement showed.

From April 2019 to the end of March 2020, the company incurred net losses of EGP 8.56 million, up from EGP 6.44 million a year earlier.