Cairo Investment & Real Estate Development (CIRA) declared that the statements made by the company’s board member, Sayed Elkalla, regarding the Fair Value does not represent the company and was in his personal capacity.
The company added, in a statement to the stock exchange, that it denounces these statements due to their impact on minority shareholders especially when they contain false or incomplete information.
The independent financial advisor, Baker Tilly Wahid Abdel Ghaffar & Co, which was hired to evaluate the fair value is not done with his report yet said the company.
In a statement to AlBorsa newspaper yesterday, Sayed Elkalla, board member of the company, criticized the mandatory tender offer submitted by Huxley Holdings Ltd, subsidiary of Abraaj, for LE 20.5 per share to acquire the minority stake in the company while claiming that the Fair Value of the shares is LE 60 after the non-productive assets get in production during the next academic year.
Source: EGX & Arab Finance