Cairo – Mubasher: The Egyptian Exchange (EGX) announced extending the validity period for the acquisition offer the non-binding offer (NBO) for the acquisition of Elsewedy Electric Company by the UAE’s Electra Investment Holding to 8 July 2024.

In June, Electra Investment submitted an NBO to acquire between 15% and 24.50% of Elsewedy Electric for EGP 49.58 ($1.05) per share.

Elsewedy Electric reported a 33.33% annual leap in consolidated net profit to EGP 4.23 billion in the first quarter (Q1) of 2024 from EGP 3.17 billion.