CAIRO - 9 July 2024: Electra Investment Holding, is acquiring a total of 427.7 million shares, representing approximately 20 percent of the company Elsewedy Electric, according to an Egyptian Exchange filing.
This follows Electra's reported purchases of Elsewedy Electric shares since early June, after receiving regulatory approval to proceed with their offer. The transaction value is estimated at around $449.1 million, with Electra paying $1.05 per share.
This comes after Electra's offer to acquire a stake in Elsewedy Electric closed on Monday. The percentage falls within the target range specified in Electra's initial offer submitted in May, which sought a 15 percent to 24.5 percent stake in Elsewedy Electric.
The Elsewedy family remains the majority shareholder of Elsewedy Electric, owning over 76 percent of the company's shares.
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