IMEX will be offering for 100% stakes of Nile Cotton Ginning

IMEX International has submitted an offer to purchase 100 percent of Nile Cotton Ginning, the Financial Regulatory Authority (FRA) said in a statement.

The energy trading company has originally planned to acquire a 50 percent stake in the Nile Cotton, but after the regulator ordered them to purchase a minimum 51 percent stake it will now look to buy all 53 mn shares in the firm for EGP 50 apiece.

IMEX plans to finance 75 percent of the purchase through a loan from the National Bank of Egypt, and the remaining 25 percent from its own capital, the FRA said.

IMEX’s original offer to acquire 50 percent of Nile Cotton Ginning was shadowed by uncertainty after majority shareholder Samir Afifiy and associates, who collectively own 13 percent of the company, refused IMEX’s offer price last month, said they would not accept any offer below EGP 70 per share