Pilkington unit eyes Egypt Glass

A unit of British glass maker Pilkington Plc has offered to buy a majority share in the Egyptian Glass Co in a deal worth up to $33 million, Egypt's stock exchange said on Thursday.

The announcement was the latest sign of interest by foreign anchor investors in Egyptian companies, and followed news of investor interest in Media Production City and Misr Beni Suef Cement which has boosted the local market."Pilkington Nederland BV, a wholly owned subsidiary of Pilkington Plc, announced its desire to buy shares of the Egyptian Glass Co," the exchange said in a statement.

The bourse said Pilkington wanted to buy 1,350,000 shares in the company at a price of 105 Egyptian pounds ($25) per share, which represents 90 percent of the issued and paid-in capital. The price is 14 percent higher than Thursday's closing share price of 92 pounds.

The offer is worth a total of 142 million Egyptian pounds ($33 million).

Shareholders could tender their shares from Thursday until the end of business on November 8, the stock exchange said. The purchase was scheduled to be executed on November 11, it said.

Pilkington had the right to refrain from executing the transaction if the number of shares offered for sale was insufficient to give it ownership of 88 percent of the issued capital, the bourse said. ($1=4.27 Egyptian pounds)

600450 Pilkington unit eyes Egypt Glass glassonweb.com
Date: 23 October 2001
Source: Yahoo

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