Sinai Cement has informed the Cairo and Alexandria Stock Exchange (CASE) that its board of directors has decided to reject the first offer presented by a consortium led by Egyptian Cement Company (ECC) to acquire a stake in the company through a capital increase, and that it will advise the company's Extraordinary General Meeting (EGM) of its decision Wednesday. March 26.
The consortium had offered to acquire a stake in the company at a price of 15 Egyptian Pounds per share on March 19. The offer was amended to EP16 per share on March 24. On March 6, Sinai Cement's board of directors had called on shareholders for an EGM that was held Wednesday, to discuss its acceptance of France's Groupe Vicat's bid to acquire the offered stake at a price of EP14 per share.
CASE has decided to halt trading on Sinai Cement shares Wednesday, and ask Sinai Cement for clarifications, as well as a summary of decisions approved by the company's EGM. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
