Egypt's Prime Makes Takeover Bid For Glass Firm

Egypt's Prime Industrial Holding made a formal bid for all 15 million shares in National Company for Glass and Crystal GLAS.

CA on Wednesday, at 14.50 Egyptian pounds ($2.72) a share, or a total of 217.5 million pounds.

Prime Industrial would also pay off 150 million pounds of debt the glass company owes to National Bank for Development (NBD) DEVE.CA, it said in a statement.

National Bank for Development, which owns 88.3 percent 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. The shares closed on Tuesday at 16.78 pounds and were trading on Wednesday between 15.75 and 17.50 pounds.

Prime's bid is valid until Sept. 10.

Read the entire story on the source link below.

600450 Egypt's Prime Makes Takeover Bid For Glass Firm glassonweb.com

See more news about:

Others also read

Glasstec remains the leading international platform for the glass industry.
Egypt’s Minister of Trade and Industry will inaugurate the exhibition on Tuesday, 18 September.
Company considering new investments in Egypt.
Glaston HTBS supports automotive glass exports from Egypt to the world.
On Oct. 23, Mr. Peng Shou, board chairman and president of CTIEC, met with Mr. ESMAT, board chairman of Cairo Glass, in Istanbul, Turkey with regard to the construction of a 600t/d float glass production line in 10th of Ramadan City, Cairo, capital of Egypt.
Recently, one of our after-sales service teams reached Cairo, Egypt, to conduct routine service to our cooperative partners.

Add new comment