Egypt's NBD Accepts Prime Bid For Stake In Glass Firm

Date: 19 December 2007
Source: Gulf News
Egypt's National Bank for Development (NBD) said on Monday it had preliminarily accepted an improved bid by Prime Capital for its stake in National Company for Glass and Crystal (NCGC).

In a statement posted on the stock exchange website, the bank said it had selected the winning bid from among a total of four, the other three from Egypt for Glass Manufacturing, MAC Investments and Haykala Investment Managers. It added that the bank's board would have final say on Prime Capital's offer.

It did not say when the board's decision would be made.

Last week the bank rejected four bids from the same companies, saying the price offered was too low and calling on them to submit improved offers.

Prime Capital's offer gives the bank, which owns an 88.3 per cent stake in NCGC, two sale alternatives, the NBD said.

600450 Egypt's NBD Accepts Prime Bid For Stake In Glass Firm glassonweb.com

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