ArabFinance: Nile Cotton Ginning Company (NCGC) notified, on August 26th, by IMEX International Company’s intention to submit a mandatory tender offer (MTO) on the former shares, according to NCGC’s statement filed to the Egyptian Exchange.

IMEX International aims to acquire 100% of NCGC’s capital – the equivalent of 52,992,500 shares – or a stake not less than 50%, the statement highlighted.

IMEX International offers to purchase NCGC’s share at EGP 50, in addition to the share issuance outlays of EGP 5.125.

The company reported net profit stood at EGP 63,017,059 in the first half (H1) of 2020, a 703% rise from EGP 7,844,666 achieved in H1 2019.

Nile Cotton, a subsidiary of Holding Company for International Trade and Cotton, is an Egypt-based public shareholding company that operates in the cotton and textiles sector. The unit is primarily engaged in cotton ginning, trading, and exporting.