ArabFinance: Nile Cotton Ginning Company (NCGC) initially offers to sell 49,760,408 of its shares to IMEX International, according to a disclosure by the Egyptian Exchange.

IMEX International earlier submitted a mandatory tender offer (MTO) to acquire 100% of NCGC's capital – equivalent to 52,992,500 shares – or a stake not less than 50%.

IMEX International seeks to purchase NCGC's shares at EGP 50 per each. 

The MTO lasted for 10 business days starting September 13^th till September 24^th.

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.