Egypt’s Prime Industrial Holding has made a formal bid for all 15 million shares in National Company for Glass and Crystal at 14.50 Egyptian pounds ($2.72) a share, or a total of 217.5 million pounds ($41 million).
Prime Industrial will also pay off 150 million pounds of debt the glass company owes to National Bank for Development (NBD), it said in a statement reported by Reuters
National Bank for Development, which owns 88.3 per cent of the glass company, has already agreed to sell its shares to Prime Industrial at the same price of 14.50 pounds, it said.
Including the debt, the bid price is equivalent to 24.5 pounds a share.
Prime’s bid is valid until September 10. It said it would undertake to repay the debt to NBD within six months of acquiring the company.
It would also double the glass company’s issued capital to 300 million pounds.