Egypt’s Dice receives acquisition offer

Egypt’s Dice Sport and Casual Wear received a preliminary offer for a potential acquisition from a consortium on Wednesday, according to a bourse filing.

According to the Egyptian Exchange (EGX), the offer is set to acquire up to 90 percent of the listed company’s issued share capital.

Both Toma for Commercial and Industrial Investments and Maged Samir Tama Thomas are planning on purchasing 1.60 billion shares in Dice.

The offer is to buy the shares at an indicative price of 65 piasters per share. The offer will now be referred to the company’s board members for consideration.

In the first half (H1) of 2023, Dice recorded net profits after tax of 121.16 million Egyptian pounds, rising from 25.44 million pounds the year before.

The EGX-listed firm recorded sales of around 1.44 billion pounds in H1 2023 period, up from 903.66 million pounds in H1-22.

The company’s basic earnings per share increased to 0.06 pounds during that period of 2023, rising from 0.05 pounds the year before.