The Clap:
UAE-based Electra Investment Holding has submitted a voluntary purchase offer to snap up between a 15%-24.50% stake in Elsewedy Electric at USD 1.05 (EGP 49.16) per share, a statement to the Financial Regulatory Authority read.
So what:
The EGX-listed firm’s shares surged 20% to EGP 44.41 a share at market close on news of the plan.
- The Elsewedy family holds approximately 68.1% of the company’s listed shares, with the remaining stakes owned by investment funds, financial portfolios, and small scale investors in the bourse.
Inbound investor appetite is high:
Earlier this month, Riyadh-based Saudi Egyptian Investment Company signed a conditional agreement to help finance a 75%-100% acquisition of CIRA education at a price of EGP 14 per share, signaling a trend for foreign investor’s interest in the Egyptian market.
