ArabFinance: The Financial Regulatory Authority (FRA) approved the mandatory tender offer (MTO) submitted on Assiut Islamic National for Trading and Development, according to the FRA’s statement filed to the Egyptian Exchange.

The offer has been submitted by Muhammad Shalabi and Abu Al-Oyoun and others.

The potential buyers offered to purchase 5,086,928 shares, an equivalent of 76.1% of Assuit Islamic National, at EGP 28.5 per share.

The minimal proportion to execute the MTO is 51%of Assuit Islamic’s shares, the FRA said.

Earlier, Assiut received a purchase offer from a consortium of investors represented by the company’s shareholder Amr Abd el-Nasser.

The company plans to shell its stake in five subsidiaries.

Assiut Islamic is an Egypt-based public shareholding company engaged in the trade and distribution of building materials and agricultural machinery, and in the transportation sector. It is involved in marketing all types of grains, seeds, and agricultural crops, as well as the sale and export of cotton.

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