The Egyptian Exchange (EGX) has made public the non-binding offer (NBO) for the acquisition of 15% to 24.50% of Elsewedy Electric Company by Electra Investment Holding, a UAE-based firm. The NBO prices Elsewedy Electrics’ stock at EGP 49.58 ($1.05) per share. The period for submitting responses to this offer via the Special Operations Market (OPR) is from June 2 to June 9, 2024. This period can be extended by one business day if the final day is not a business day. Once the OPR period concludes, transactions will be finalized on the EGX within five days. Earlier in May, Electra Investment Holding submitted this offer to the Financial Regulatory Authority (FRA). Elsewedy Electric has shown remarkable financial growth, posting an 86.70% annual increase in consolidated net profit after minority interest, totaling EGP 10.11 billion.
Electric Utilities, Investment Management, Stock Exchange,Egypt, United Arab Emirates
https://www.zawya.com/en/markets/equities/egx-announces-details-for-elsewedy-electrics-acquisition-offer-l2ms7yr9