EGYPT: Egypt's Arabia Cotton seeks to Buy 39.6 pct of KABO
Arabia Cotton Ginning ACGC.CA, Egypt's biggest listed textiles company, has offered to buy a 39.64 percent stake in El Nasr Clothes and Textiles (Kabo) KABO.CA, the Capital Market Authority (CMA) said on Thursday. The offer by Amwal Al-Arabia Cotton, a subsidiary of Arabia Cotton Ginning, is for about 134.22 million…
Egytex News Desk
Egytex
Kabo's share price stood at 4.20 Egyptian pounds ($0.78) by 0908 GMT, valuing the deal at 563.7 million egyptian pounds ($105 million). KABO said in May it made a net profit of 5.5 million Egypt pounds in the first quarter of 2008, up 200 percent from the same period in 2007.
The CMA said it has exempted Arabia Cotton from presenting a compulsory tender offer for Kabo.
Arabia Cotton Ginning acquired 100 percent of Amwal al-Arabia Cotton through a share-swap in October 2007. Shares in Arabia Cotton Ginning were up 0.5 percent at 11.05 pounds by 0911 GMT. ($1=5.347 Egyptian pounds).
Source: Reuters.com
From the Egytex news archive, first published on 29 May 2008. Figures and names are as reported at the time.
