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Wednesday, 31 July 2019

Egypt Kuwait Holding closer to acquiring Emisal Salts

M&A WATCH- EKH closer to acquiring Emisal Salts: Egypt Kuwait Holding has reached an agreement with the National Bank of Egypt (NBE) and the Chemical Industries Holding Company (CIHC) to acquire a 52.8% stake in Emisal Salts, unnamed sources told Al Mal. NBE, the largest shareholder in Emisal, will sell its entire 49.8% stake and CIHC will sell 3% from its 13.1% holding, allowing EKH to acquire a controlling stake in the company. EKH is facing competition from a consortium made up of Kuwait’s Al Madar Finance and Investment and the Saudi-Egyptian Industrial Investment (SEII), which bid EGP 700 mn for the company back in June. EKH had submitted its tender offer back in February. NBE is leading the sale process on behalf of other state-owned shareholders.

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