The Stock Exchange extends offer of UAE "Nas" to acquire Misr Fertilizers for 4 days.

UAE's NAS acquires Misr Fertilizers 4 days ago

 

Exchange Extends the Offer of the UAE's Nass Holding Company to Acquire Egypt Fertilizers by 4 Days

The Egyptian Exchange has decided to extend the purchase offer submitted by the UAE's NAS Investments Holding Limited for the shares of Egypt Fertilizers Company (Egyfert). The offer validity period has been extended for an additional 4 business days, ending at the end of the trading session on May 29, instead of May 25.

The offer includes the purchase of up to 5.52 million shares, representing 57.50% of the issued shares and completing 90% of the issued shares, at a price of EGP 95 per share. Egypt Fertilizer Company (Egyfert) reported a 67.28% increase in profits last year, reaching EGP 111.1 million, compared to EGP 66.4 million in 2023.

The company's sales increased to EGP 295.99 million last year, compared to EGP 285.19 million in 2023. The Financial Regulatory Authority (FRA) revealed that Nas Investments Holding Limited had filed a draft announcement of a mandatory tender offer to acquire up to 90% of Egypt Fertilizer Company (Egyfert).

The FRA explained that Nas Investments' offer includes the purchase of up to 5.52 million shares, representing 57.5% of Egypt Fertilizer Company's targeted shares, at a purchase price of EGP 95 per share. The FRA noted that the offer did not include a minimum threshold for implementation. The FRA added that the offer is currently being reviewed by the Authority.

The Financial Regulatory Authority (FRA) announced that Egypt Fertilizer Company (Egyfert) has received a request from Nass Investments Holding Limited (in accordance with the provisions of the Abu Dhabi Securities Exchange) regarding its intention to submit a mandatory tender offer (MTO) to acquire Egypt Fertilizers.

The FRA explained that the MTO includes the acquisition of up to 90% of Egypt Fertilizers' capital shares, allowing for the company's delisting from the stock exchange, at a price of EGP 95 per share. It added that Nass Holding and its related parties own 32.5%, or 3.12 million shares, of Egypt Fertilizers' capital.

Egyfert's profits increased by 78% during the first nine months of last year, reaching EGP 80.5 million, compared to EGP 45.2 million during the same period the previous year. Meanwhile, the company's sales declined during the first nine months of last year to EGP 156.2 million, compared to EGP 178.9 million during the same period the previous year.

Nass Investments revealed its three-year future business plan for Egypt Fertilizer Company (Egyfert), following its acquisition of a 32.39% stake in Egypt Fertilizers. The company aims to expand its investment portfolio, develop its core activities, increase its investment volume, distribute its investment portfolio, and explore new opportunities to grow its market share.

The company also aims to strengthen and stabilize its workforce, conduct administrative and financial restructuring studies for the company in accordance with international practices and standards, utilize modern management methods, implement global governance principles, and improve working conditions.

It also seeks to maximize the value of the company's assets and redistribute underutilized assets to achieve optimal utilization, increase profitability, and maintain business sustainability. It also aims to maximize revenues and ensure continued future cash flows, reflecting the company's management philosophy and its pursuit of utilizing financing solutions to continuously provide the company with liquidity to address changes and avoid crises that would hinder its growth.

Nass Investments Holding Limited purchased 3.11 million shares of Misr Fertilizers' capital for a total transaction value of EGP 186.6 million, at an average price of EGP 60 per share. In return, Medfert Egypt Investments reduced its stake in Misr Fertilizers' capital from 32.5% to 0.104%.