Marsa Marsa Alam to submit MTO for ALbadr Plastic Acqusition

Updated 4/5/2018 12:08:10 PM

ArabFinance: Marsa Marsa Alam for Tourism Development (MMAT) announced in a statement sent to EGX, the Board of Directors (BoD) was convened on April 04, 2018. 

The Board ratified mandating the chairman, Ahmed Elalemy, with his capacity to submit a Mandatory Tender Offer (MTO) to acquire 68% of Al Bader Plastic (EBDP) (4,972,500 shares). The share price of the MTO will be according to the average of the market price for last six months. 

The MTO will be subjected to Financial Regulatory Authority (FRA) approval and follows the necessary measures.