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IHC’s unit completes nearly 20% equity acquisition in Elsewedy Electric; value unveiled

IHC’s unit completes nearly 20% equity acquisition in Elsewedy Electric; value unveiled
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Elsewedy Electric
SWDY
0.83% 47.41 0.39
IHC
ASMAK
1.33% 411.90 5.40

Cairo – Mubasher: The Egyptian Exchange (EGX) has completed the transfer of the ownership of around 427.71 million shares in Elsewedy Electric Company to Two Point Zero Group, a subsidiary of International Holding Company (IHC), for EGP 21.20 billion, on Wednesday, 10 July 2024.

The EGX expects the deal to be finalised by the end of Monday, 15 July, according to a bourse filing.

In May, Two Point Zero submitted a voluntary tender offer (VTO) for 19.98% of Elsewedy Electric’s shares.

Earlier in July, the EGX announced extending the validity period for the acquisition offer the non-binding offer (NBO) for the acquisition of Elsewedy Electric by the UAE’s Electra Investment Holding.

It is worth noting that IHC posted an 87.60% year-on-year (YoY) surge in net profits after tax to AED 8.01 billion in the first quarter (Q1) of 2024 from AED 4.27 billion in Q1-23.

Elsewedy Electric logged a 33.33% YoY leap in consolidated net profit to EGP 4.23 billion in Q1-24 from EGP 3.17 billion.