Consortium offers to acquire controlling stake in El Nasr for Agricultural Crops
A consortium containing Al Raed for Agricultural Production and Real Estate Investment and New Smart for Construction submitted an offer to acquire a controlling stake in El Nasr for Manufacturing Agricultural Crops, according to the Egyptian Financial Regulatory Authority (FRA) .
The consortium offered to acquire up to 7.078 million shares, representing 90 percent of the company’s shares, after excluding the minimum limit of free trading shares, or a minimum of 51 percent stake at a price of 45 Egyptian pounds per share, according to a recent statement.
The proposal is still under review by the FRA, the statement showed.
From April 2019 to the end of March 2020, the company incurred net losses of 8.56 million pounds, up from 6.44 million pounds a year earlier.