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Thursday, 11 May 2017

EKH subsidiary bids for stake in NCMP

M&A WATCH- The bidding war for NCMP is heating up: Egypt Kuwait Holding (EKH) subsidiary International Financial Investments Company (IFIC) has submitted a bid to acquire Misr Capital Investment’s 42.96% stake in National Company for Maize Products (NCMP), according to a regulatory filing (pdf). The bid is nonbinding, and IFIC will submit a mandatory tender offer to acquire 100% of NCMP if it wins the first stake. NCMP’s other suitors include Al Mona (the local affiliate of global player Louis Dreyfus), a Swiss unit of Archer Daniels Midland, and local commodities giant Cairo Three A Group, which is reported to have recently hired former Egyptian Starch and Glucose boss Hazem Zayed.

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