Alexandria Cement fair value determined to be EGP 4.02 a share

An arm of Titan Cement Egypt will pay a significant premium to acquire the nearly 1.3% of Alexandria Portland Cement that it doesn’t already own after a fair value study said the subsidiary’s shares are worth EGP 4.02 a piece, according to an EGX disclosure (pdf). Titan subsidiary Alexandria Development has offered EGP 6.00 per share. The Financial Regulatory Authority had required Titan last year to present an MTO for the minority stake.