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Tuesday, 26 November 2019

Al Madar, SEII consortium to decide on Emisal bid this week

M&A WATCH- Al Madar, SEII consortium to decide on Emisal bid this week: A consortium of Kuwait’s Al Madar Finance & Investment Company and the Saudi Egyptian Industrial Investment Company (SEII) will decide whether to bid once more for a stake in state-owned Emisal Salts by the end of the week, sources told the local press. The consortium will gauge whether major shareholders — other than the National Bank of Egypt (NBE), which is reportedly the only one willing to offload its 49.8% stake — are still planning to exit. It would submit a starting offer of EGP 700 mn, lower than the recent EGP 1 bn valuation but negotiable upwards. The consortium announced last week that it is considering making another move for the company after Egypt Kuwait Holding dropped its bid.

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