Cairo - Mubasher: The Egyptian Financial Supervisory Authority (EFSA) said on Wednesday that Alwehda for industrial development made a mandatory tender offer to acquire 30 million shares representing 100% of Misr National Steel Company’s capital, at EGP 11 per share.
EFSA said the offer is under study, while EGX suspended the trade on the stock for 10 minutes on Wednesday after the announcement.
Misr National Steel rose 9.9% in Wednesday’s trading session.
Egyptian Steel Group might sell its stake in Misr National Steel in order to raise its capital, the company’s Gamal El-Garhy, told Mubasher last week.
The company’s chairman declined to unveil the identity of the strategic investor, or to state more details regarding the negotiations progress.
Egyptian Steel Group (Solb Misr) owns 89.9% stake in Misr National Steel (Ataqa).
