ArabFinance: El Nasr for Manufacturing Agricultural Crops received a mandatory tender offer (MTO) from a consortium of firms to purchase up to 90% equity in El Nasr, according to a January 10^th Financial Regulatory Authority (FRA) disclosure.

Agricultural production and construction firms Al Raed and New Smart intend to acquire up to 7.07 million shares in the listed company, the statement noted.

This comes after excluding the minimum limit of free trading shares. El Nasr would remain listed on the Egyptian Exchange, at a minimum of 51% of its stocks, if the MTO is finalized, the disclosure highlighted.

The FRA is currently considering the MTO, according to the statement.

In November 2020, El Nasr rejected Sohag Housing and Development Company's offer to purchase a land plot in Sohag.