“Al-Shorouk Printing” depends on the price of the acquisition offer submitted by “Al-Watania Printing”

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The board of directors of “Al-Shorouk Modern Printing and Packaging” company approved the purchase offer price submitted by the “National Printing Company” to acquire the company at EGP 74.5 per share.

The company confirmed that the purchase offer price is appropriate and rewarding, as it is the same as the fair value price of the company’s stock.

The stock exchange’s management revealed the validity period of the compulsory purchase offer submitted by the National Printing Company to acquire 1.077 million shares, at 8.2%, supplementing 100% of the capital of “Al-Shorouk Modern Printing and Packaging Company”, which is 20 days.

The stock exchange said that the validity period of the offer starts from today’s session until next October 25 at a price of 74.5 per share, noting that the implementation will take place on the stock exchange within five working days after the end of the offer period.

She added that all brokerage firms must register the buying and selling orders for this offer in the system for that in the stock exchange during the above-mentioned period, provided that all orders are open for a period, as well as for orders to reserve the registered quantities, and it must be taken into account not to make any modifications to the codes of the selling customers that lead to their suspension. And that until the completion of the transaction.

She emphasized that all brokerage firms should review their orders through the system’s order follow-up screens before the end of the next October 25 trading session, provided that these companies make any amendments to their orders before the end of this date, and no amendments to the order data will be allowed after the end of this date.

The Financial Supervisory Authority had agreed to publish the announcement of the purchase offer submitted by “Al-Watania Printing” company on 1.08 million shares, representing approximately 8.2% of the shares of “Al-Shorouk Modern Printing and Packaging” company, at a cash price of 74.5 pounds per share.

The approval came in accordance with the provisions of Chapter Twelve of the Executive Regulations of Law 95 of 1992.

The EGX management decided to stop trading on the company’s shares for 10 minutes until the published news is reviewed, with all offers and requests registered on the company’s shares suspended before publishing this announcement.

The profits of “Al-Shorouk Modern Printing and Packaging” company increased 3.15 times during the first nine months of this year, to reach 140.7 million pounds, compared to a net profit of 33.9 million pounds in the comparative period of the previous year 2019, taking into account minority rights.

The company’s total sales rose during the period to reach 1.21 billion pounds at the end of June, compared to 1.17 billion pounds during the same period last year.

The company attributed the doubling of its consolidated profits to a decrease in the cost of sales by about 6% over the comparison period, in addition to the rationalization in the use of credit facilities, which led to a decrease in the cost of financing by about 20%.

Gross profit rose during the same period to 354.845 million pounds, compared to 271.168 million pounds in the same period.

The basic share of profits amounted to 8.92 pounds, compared to 3.52 pounds in the comparable period.

The article “Al-Shorouk for Printing” depends on the price of the acquisition offer submitted by “Al-Watania for Printing” and was written in Al Borsa newspaper.