Cairo Three A for International Industries S.A.E. made a binding offer to acquire The Egyptian Starch and Glucose Company from Egyptian International Tourism Projects Company, Cairo Poultry Company S.A.E. and Kuwait Food Company K.S.C.P. and others for approximately EGP 510 million.
The deal is subject to approval of the The Egyptian Financial Regulatory Authority. The board of directors of the Egyptian Company for International Touristic Projects (Americana Egypt) and the Board of Cairo Poultry approved the Cairo Three A's offer. The deal is approved by Board of Cairo Three A for International Industries S.A.E. According to the Offer, the Cairo Three A for International Industries S.A.E is suggesting the filling of a mandatory tender offer application on or before April 12, 2020. As of April 26, 2020, The Egyptian Financial Regulatory Authority approved the tender offer. The Offer contains an exclusivity period that lapses upon the consummation of the transfer of shares under the mandatory tender offer. As of March 10, 2020, Kuwait Food Company (Americana) K.S.C.P. has called for a general assembly meeting to review the offer submitted by Cairo Three A for International Industries. As of May 5, 2020, the shareholders of Cairo Poultry have approved the acquisition. Americana owns 11.636 million shares in The Egyptian Starch and Glucose Company. The tender offer is expected to commence from April 26, 2020 till May 7, 2020.