Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) is considering Kandil Glass’ request to increase the mandatory acquisition offer price to take over 100% equity in the National Company for Glass and Crystal (NG).
Kandil Glass has raised the offered price to EGP 2.40 per share from EGP 2 per share, according to a recent bourse disclosure.
It is worth noting that the regulatory authority had approved Al Wehda Industrial Development Company’s request to amend the mandatory offer to acquire up to 15 million shares representing 100% of the National Company for Glass and Crystal. Al Wehda amended the price offer to become EGP 2.25 a share instead of EGP 1.35 per share.
Moreover, the FRA extended the validity period of the purchase agreement, submitted by Kandil Glass, provided that the duration of the two mandatory offers end on the same day, 12 April this year.
