Cairo – Mubasher: The boards of Suez Cement and Tourah Portland Cement Company approved the fair value (FV) assessment studies prepared by the independent financial advisor Grant Thornton Financial Consulting For Marketable Securities and the mandatory tender offers (MTOs) submitted by their respective major shareholders HeidelbergCement and Suez Cement.
The FV studies valued Suez Cement’s share at EGP 7.71 and Tourah Portland Cement Company’s share at EGP 7.08, according to separate bourse disclosures on Sunday.
In addition, Suez Cement greenlighted the MTO submitted by its parent HeidelbergCement for the remaining shares in the company and Tourah Portland Cement Company also approved the acquisition offer by its major shareholder Suez Cement for the remaining stake in the company.
HeidelbergCement offered to buy up to 59.79 million shares, representing 32.87% of Suez Cement, for EGP 7.5 per share. The offer period started on 15 October and will end on 12 November.
Suez Cement offered to acquire up to 20.07 million shares or 28.06% of Tourah Portland Cement Company for EGP 7.18 per share. The offer period began on 15 October and will end on 19 November.
