ArabFinance: The Egyptian Exchange announced the execution of IMEX International’s mandatory tender offer on Nile Cotton Ginning (NCGC) of EGP 2,488,020,400.

IMEX International purchased 49,760,408 shares of NCGC’s capital.

Minister of Public Business Sector Hisham Tawfik said IMEX International is committed to paying NCGC’s dispute settlement amount.

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.

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.