Cairo – Mubasher: The Egyptian Exchange (EGX) announced the execution of a mandatory tender offering (MTO) on the shares of Assiut Islamic Trading.

The MTO was carried out on 4.888 million shares at a total value of EGP 139.317 million, according to a statement on Tuesday.

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

The investors offered to acquire at least 51% of the company at a value of 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%.

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