Cairo – Mubasher: Assiut Islamic Trading announced that a financial advisor assessed the stock’s fair value (FV) at EGP 22.35, according to a bourse disclosure on Monday.

Earlier, the Financial Regulatory Authority (FRA) approved the publication of the mandatory tender offer (MTO) submitted by Mohamed Shalaby, Amr Ibrahim Aboul Oyoun, and others to acquire Assiut Islamic Trading.

The offer includes the acquisition of up to 5.08 million shares or 76.1% of the company’s shares to top up their stake to 100%.

The investors offered to acquire at least 51% of the company at EGP 28.5 per share.

El Kahera El Watania Investment owns a 23.358% stake in Assiut Islamic Trading, while Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) holds direct and indirect stakes of 66.65%.

During 2020, Assiut Islamic Trading posted net profits of EGP 8.17 million, up from EGP 7.22 million a year earlier.