Cairo – Mubasher: The Egyptian Exchange (EGX) has executed the mandatory tender offer (MTO) submitted by Suez Cement Company on the shares of Tourah Portland Cement Co.
The transaction has been carried out on 13.23 million shares at a total value of EGP 95.02 million, according to a statement on Thursday.
On 1 November, the board of Tourah Portland approved the report issued by Grant Thornton Financial Consulting for Marketable Securities, an independent financial advisor, which set the fair value (FV) of the company’s share at EGP 7.08.
During the first nine months of 2020, Tourah Portland incurred net losses of EGP 208.65 million, down by 59.6% yearly from EGP 516.56 million.
