ArabFinance: The Holding Company for Construction and Development (HCCD) asked Nile Cotton Ginning (NCGC) to not sell any of its assets to IMEX International, according to Al-Mal news website.

HCCD directed to halt trading on NCGC’s shares.

Minister of Public Enterprises Sector Hisham Tawfik said that the Financial Regulatory Authority (FRA) and the Egyptian Exchange were addressed to not execute any deal unless NCGC repays a dispute settlement amount owed to his ministry.

In early June, the ministry's dispute resolution committee decided to end the NCGC privatization crisis and fine the company a total of EGP 231.1 million in return for keeping its ownership structure unchanged.

IMEX 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%.

The shareholding free zone company seeks to purchase NCGC's shares at EGP 50 per each. The MTO lasted for 10 business days - from September 13^th to 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.