Egyptian bourse executes MTO on Alexandria Portland Cement at EGP 23m

The Egyptian Exchange (EGX) announced that the mandatory tender offer (MTO) submitted by Alexandria Development Ltd for the acquisition of Alexandria Portland Cement was executed at value of 6 Egyptian pounds per share.

The transaction involved 3.844 million shares at total value of 23.06 million Egyptian pounds.

In December 2019, the board of directors of Alexandria Development Ltd decided to submit an MTO to acquire the remaining shares of Alexandria Portland Cement, or 11.07 percent of the company’s capital shares.