Pharos acts as broker for Mondi’s acquisition of Suez Bags

M&A WATCH- Mondi to complete MTO of Suez Bags next week: Mondi Paper Sales plans to complete its mandatory tender offer to acquire a 70.1% stake in Suez Bags by 31 July as per the deadline set by the Financial Regulatory Authority, our friend and Pharos Holding Managing Director Essam Abdel Hafiz told the press on Wednesday. The company, a subsidiary of the London- and Johannesburg-listed Mondi Group, bought 7,666,435 shares in Suez Bags at EGP 26 per share in a transaction valued at EGP 199.4 mn. The FRA had signed off last month on the transaction. Our friends at Pharos had been tapped to act as the broker for the MTO, announced Abdel Hafiz. “The transaction represents the faith foreign investors have had in our economy,” he noted. Zaki Hashem & Partners acted as local counsel for Mondi in the transaction.