Cairo – Mubasher: The Egyptian Exchange (EGX) has released details of the non-binding offer (NBO) for the acquisition of between 15% and 24.50% of Elsewedy Electric Company by the UAE’s Electra Investment Holding.

The NBO sets the price of Elsewedy Electric’s stock at EGP 49.58 ($1.05) according to the exchange rate in the first day of the opening of the Special Operations Market (OPR) for shareholders to respond to the offer.

The OPR is open for the NBO on Elsewedy Electric’s shares from 2 to 9 June 2024. If the final day of the OPR period is not a business day, the period can be extended by one additional business day.

Deals will be executed on the EGX within five days after the end of the OPR period.

In May, Electra Investment Holding submitted an offer to the Financial Regulatory Authority (FRA) to acquire up to 24.50% of Elsewedy Electric's shares.

It is noteworthy that Elsewedy Electric posted an 86.70% annual surge in consolidated net profit after minority interest to EGP 10.11 billion from EGP 5.41 billion the year before.