Cimpor’s EUR271m, E£67 Egyptian pound (EUR9.03) per share bid for cement company MISR Cement Co SAE opens today after receiving approval from Egypt’s stock market regulator.
In a filing with Portuguese stock market regulator CMVM, Cimpor said it is launching a full bid for the 30 million shares which make up MISR’s shareholders capital, conditional on receiving acceptances from holders of 15 million shares plus one of MISR.
MISR owns one cement factory with a production capacity of 1.6Mta. It reported sales of E£520m, or EUR70m and has a 3.5 per cent share of the Egyptian cement market.
MISR’s activity is concentrated around the south of the country, in the Red Sea, Qena and Souhag areas, Cimpor said.