Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) said that the Egyptian Transport and Commercial Services Co (Egytrans) decided to disregard the business integration offer submitted by Paradigm Logistics Ltd.

In addition, the fair value (FV) studies for Egytrans and H.A. Utilities BV prepared by the independent financial advisor Grant Thornton have been submitted to the FRA for review, the FRA said in a statement to the Egyptian Exchange (EGX) on Monday.

Upon reviewing the two FV studies, the board of directors of Egytrans will hold a meeting to consider the acquisition offer submitted by the Dutch firm.

Egytrans previously said that it couldn’t reach Paradigm Logistics to respond to their business integration offer.  

Earlier in May, Egytrans said that the independent financial advisor has estimated the FV of Egytrans and H.A. Utilities BV at EGP 414.002 million and EGP 721.5 million, respectively