Cairo – Mubasher: The Egyptian Financial Supervisory Authority (EFSA) on Tuesday exempted the National Investment Bank (NIB) from presenting a mandatory tender offer (MTO) for a 40% stake in the Egyptian Satellite Co (Nilesat).
The bank may not publish an MTO for 14.9 million shares, equivalent to 40%, the EFSA said in a statement, adding that the transaction may be implemented after determining the price of the deal in accordance with the Egyptian Exchange’s (EGX) trading regulations.
NIB will disclose details and information for the deal before and after implementation, the EFSA added.
NIB currently owns 7.66% of Nilesat’s total shares.
By the end of Monday’s trading, Nilesat’s stock shed 0.35% to $8.57.
