Arab Finance: Alexandria Container and Cargo Handling Company's (ALCN) board has approved a fair value study of Egyptian Maritime Ports Company's shares, paving the way for the sale of its entire shareholding in the latter, as per a disclosure.
Prepared by independent financial advisor Elite Financial Consultancy, the study valued the shares of the Egyptian Maritime Ports Company at $0.111 per share.
Based on the valuation, Alexandria Container and Cargo Handling Company's entire stake of 182,735,927 shares in Egyptian Maritime Ports Company is valued at $20.28 million. Using an exchange rate of EGP 51.7661 per USD, the total value of the transaction amounts to approximately EGP 1.05 billion.
The board also approved the report issued by the company's auditor, Kamel Magdy Kamel Saleh, Executive Partner at Grant Thornton Saleh, Barsoum & Abdel Aziz, concerning the fair value study.
In addition, the board authorized the Executive Managing Director to undertake all legal, regulatory, and executive procedures required to complete the sale of the company's entire shareholding in Egyptian Maritime Ports Company.
