Cairo Poultry approves Cairo 3A offer to buy stake in Egyptian Starch and Glucose

CAIRO – 12 April 2020: The board of directors of Cairo Poultry Company approved Sunday the final offer submitted by Cairo 3A for International Industries to buy the company’s stake in the Egyptian Starch and Glucose.

The company clarified that the final decision is still pending the approval of the ordinary general meeting (OGM) set to be held on May 5.

Cairo 3A has offered to buy Cairo Poultry’s stake, 13.65 million shares, in the Egyptian Starch and Glucose for LE 8.54 per share.

Upon accepting the offer, Cairo 3A will submit a mandatory tender offer to the Egyptian Financial Regulatory Authority no later than 14 April.

On another note, Cairo Poultry recorded net profits after taxes of LE 116.9 million in 2019, compared to LE 147.62 million in 2018.

Cairo Poultry operates within the food, beverage & tobacco sector focusing on packaged foods & meats, and the Egyptian Starch & Glucose operates within the food, beverage sector focusing on agricultural products.