In contrast to the wave of violent declines suffered by the Egyptian Stock Exchange during the past few sessions, which came after the insane rises due to the decision of the Egyptian Central Bank, where the market rose by 31 billion pounds in the session of announcing the decision of the Central Bank of Egypt to move the interest and liberalize the exchange rate.
It seems that the Egyptian Stock Exchange began trading in April and Ramadan with strong gains, close to 300 points, won by the main market index EGX 30, with the middle of trading today, Sunday, while Domty shares rose strongly after an offer to acquire 90% of the company’s shares.
Urgent: a violent slap.. great confusion
The main stock index rose, the EGX 30 index, despite the recent declines that it suffered after the decision to float, and the index has now increased in the range of 2.5%, reaching levels of 11.515 thousand points.
So far, after more than two hours of trading today, Sunday, about 131 million shares, with a value of close to 500 million pounds, have been dealt, through the implementation of about 21.3 thousand transactions.
Lightning number.. you won’t believe
new offer
The prices of 115 securities rose, while the decline came from the share of 74 securities, and the prices of 6 securities settled at the same closing last Thursday.
After the proposals targeting Fawry for Banking Technology and Electronic Payments (CA:FWRY), Commercial International Bank (Egypt) (CA:COMI), Abu Qir Fertilizers and Chemical Industries (CA:ABUK), Alexandria Container and Goods Handling (CA:ALCN), and EFG Hermes Holding (CA:HRHO), The Arab Food Industries (CA:DOMT) appears to have entered the acquisition fray.
Urgent: Stop.. Temporary suspension
Domty show
Domty shares topped the Stock Exchange’s gains today, Sunday, when it received an offer to buy about 90% of the company’s capital from Expedition Investments.
Domty said that the offer is presented by Expedition Investments, which is established according to the laws of the State of Mauritius, in alliance with some investors, including Omar Mohamed Abdel-Hamid Al-Damaty, Chairman of the Board of Directors of Domty Company, and Mohamed Omar Mohamed Abdel-Hamid Al-Damaty, Managing Director of Domty Company.
She added that the chairman and managing director are major shareholders as a group associated with Domty, and they are participating members of the alliance with minority stakes in the company submitting the offer.
Urgent: Very positive news.. but
Domty said that the Board of Directors of Expedition Investments wishes to start the procedures for financial and legal due diligence as soon as possible.
Domty added that it will be decided whether or not to submit the offer in light of the results of the due diligence examination, as well as fulfilling the necessary legal procedures and obtaining all approvals from the necessary administrative authorities in this regard.
Domty said that the potential offeror made it clear that this offer is not final and non-binding, and that it is dependent on what will result from due diligence and obtaining any special approvals in this regard, and the shareholders should take this into account in dealing with the company’s shares.
A surprise of high caliber
arrow height
Shares rose during these moments by more than 15%, reaching levels of 4.5 pounds per share, with transactions amounting to 73 million riyals, after dealing with 17 million shares.
According to the initial estimate of the potential bidder, the initial price of the purchase offer is 5 Egyptian pounds per share.
Urgent: Very violent elevations