ArabFinance: New Smart Construction is the only proposer for acquiring a controlling stake in El Nasr for Manufacturing Agricultural Crops, the Financial Regulatory Authority (FRA) said in a statement filed to the Egyptian Exchange.
The statement comes following Al Raed for Agricultural Production and Real Estate Investment withdrawal from the purchasing offer.
Upon the request of New Smart, the FRA has extended the period of the offer for 10 days from the end date of the original offer period.
It is worth noting that the validity period of the presented offer started on January 20th and was scheduled to end on February 3rd.
Earlier, El Nasr's board of directors said the offer submitted to acquire 90% at EGP 45 per share is not lucrative.
El Nasr Manufacturing is an Egypt-based public shareholding company that operates in the food processing sector.
The listed firm is primarily engaged in the dehydration, distribution, and export of agricultural crops, including onions and other vegetables. The company is also engaged in the manufacture and export of dehydrating equipment and machinery.
