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Monday, 23 September 2019

Fair share value for Emisal acquisition set before end of month

M&A WATCH- Fair share value for Emisal acquisition decided soon: A fair share value study for Emisal Salts will be ready before the end of September, Chemical Industries Holding Company (CIHC) Chairman Emad El Din Moustafa told the local press. CIHC aims to sell 3 percentage points of its 13.1% holding in the company while the National Bank of Egypt (NBE) wants to offload its entire 49.8% stake. Egypt Kuwait Holding (EKH) bid to acquire a controlling stake of 52.8% in Emisal back in February. 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. NBE is leading the sale process on behalf of other state-owned shareholders.

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