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Entrepreneur Ayman Al-Jameel is close to completing the purchase of the Egyptian Starch and Glucose Company, after the Financial Supervisory Authority approved the purchase offer submitted by his company, Cairo Three A. International Industries. Upon completion of this agreement, Al-Jameel acquires the two largest companies working to manufacture natural sweeteners from yellow corn ore.
The Egyptian Stock Exchange Department is scheduled to open, over the next week, the market for special offers to complete the purchase of Ayman Al-Gamil, the shares that the Egyptian Starch and Glucose Company wants to sell, amid the expectations of shareholder demand to respond to the purchase offer after the Financial Supervisory Authority changed the offer price to £ 8.61 per share, in When the share price yesterday, Thursday, reached 8.30 pounds.
The main shareholders of the Egyptian Starch and Glucose Company, the Egyptian International Tourism Projects, Cairo Poultry, agreed to accept the final price submitted by Cairo Three A International Industries to buy its shares in the Egyptian starch and glucose company at a price of £ 8.54 per share, as advertised. Cairo ThreeA Company received a letter issued by the decisions of the Board of Directors of the Competition Protection Authority and the prevention of monopolistic practices regarding the agreement, and the purchasing company promised to include a final offer to be submitted to the Financial Supervisory Authority a set of commitments to comply with the provisions of the Competition Protection Law, either before or after the completion of the acquisition.
Cairo Three A, owned by businessman Ayman El-Gamil, submitted a final offer to acquire the shares of the main shareholders of the Egyptian Starch and Glucose Company for £ 8.54 per share, thereby reducing the share price of its initial offer, It ranged from 8.98 pounds to 10.18 pounds, due to the implications of the Corona virus epidemic. Financial markets and economic conditions were generally affected, and thereafter, the Financial Supervisory Authority decided to amend the offer price to £ 8.61 per share based on the authority’s view that the price should not be less than the average closing price in the stock market during the three months prior to the date of deposit of the offer proposal.
