Cairo – Mubasher: The board of directors of Modern Waterproofing (Bitumode) approved the price offered by Sika Egypt For Construction Chemicals to acquire 119 million shares of 100% of the former’s capital.
The offered price is reasonable and fair when compared to the stock’s average closing price of EGP 2.372 between the period from 23 October 2019 to 23 April 2020, according to a bourse disclosure on Monday.
Sika Egypt offered to buy Bitumode’s shares at EGP 3.79 apiece in case of buying up to 95% of the company’s shares or EGP 3.91 in case of buying more than 95% of total shares.
It is noteworthy to mention that during the first nine months of 2019, Bitumode’s net profit leapt to EGP 40.5 million from EGP 10.66 million in the prior-year period.
