Friday, February 26, 2021

The Financial Control Authority agrees to publish the offer of the “Abu El-Ayyoun Alliance” to acquire “Islamic Assiut”

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The Financial Supervisory Authority agreed to publish the announcement of the acquisition offer submitted by the alliance of Amr Ibrahim Abu El-Ayoun and others (individuals) and Dr. Mohamed Shalaby to acquire 5 million shares of the Islamic National Assiut Company for Trade and Development, which represents 76.1% of the total shares of the company and the supplement is 100%.

Naeem Securities Brokerage plays the role of the presenter’s broker, and Mustafa Moussa from Dr. Ziad Bahaa El-Din’s law firm, in cooperation with Bonnelli Iridi, the legal counsel.

The purchase offer set the price per share at 28.5 pounds, and that the minimum execution is 51%, in accordance with the provisions of Chapter Twelve of the Executive Regulations of Law No. 95 of 1992.

She pointed out that the alliance presented in the show consists of 11 names: Muhammad Ahmad Muhammad Shalabi, Amr Ibrahim Abu al-Ayyun, Nasser Ibrahim Abu al-Ayyun, Samia Atwa Muhammad Shalabi, Amira Muhammad Ahmad Muhammad Shalabi, Wahba Ibrahim Abu al-Ayyun, Hind Ibrahim Abu al-Ayyun, and Zahra Ibrahim Abu Al-Ayoun, Suha Ibrahim Abu Al-Ayoun, and Issam Ahmed Muhammad Mahmoud Hassan.

The Authority obligated the bidder to purchase all of the shares offered for sale in response to the purchase offer, taking into account that the minimum execution is 51% according to Article 354 of Chapter 12 of the Executive Regulations of Law 95 of 1992.

She emphasized that the company targeted by the offer was notified of the purchase offer announcement and the information note after the Authority’s approval to publish the announcement of the purchase offer, as well as notifying it of any data related to the purchase offer before announcing or publishing it unless it was disclosed in the purchase offer or in the information memo.

The Authority was obligated to publish an announcement of a purchase offer within two days from the date of the Authority’s approval to publish it, and affirmed the obligation to make the information note available to the process broker so that the holders of the securities subject of the offer could review it.

She emphasized that the bidder must abide by all the undertakings contained in the announcement of the compulsory purchase offer, and write to the Egyptian Stock Exchange to inform it of the Authority’s approval to publish the advertisement and the permissibility of submitting competitive purchase offers in accordance with the provisions of Articles 346 and 347 of the Executive Regulations of Law 95 of the year 92.

The bidder directly owns 1.415 million shares, which represents 21.17% of the shares of Islamic Assiut National for Trade and Development. They are Ibrahim Abu El-Ayoun and owns 333,749 shares, which represent 4.99%, as well as Amr Ibrahim Abu El-Ayoun and owns 1.081 million shares, which represents 16.18% .

Abu Dhabi Islamic Bank owns 39.998% in the ownership structure of Assiut Islamic National for Trade and Development, and the share of Cairo National Investment and Securities is 23.358%.

The article “Financial Control” agrees to publish the offer of “Abu Al-Ayyoun Alliance” acquisition of “Islamic Assiut” that was written in Al-Borsa newspaper.

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The Financial Control Authority agrees to publish the offer of the “Abu El-Ayyoun Alliance” to acquire “Islamic Assiut”