M&A activity appears to be picking up, with some companies pointing to the new-found stability of the EGP exchange rate against the greenback.

SAUDI-EGYPTIAN INDUSTRIAL INVESTMENT REVIVES EL NASR GLASS BID

Saudi-Egyptian Industrial Investment’s acquisition bid for El Nasr Glass is back on: The Saudi-Egyptian Industrial Investment is considering reviving its bid to acquire a majority stake in the state-owned El Nasr Glass and Crystal Company, the company’s CEO Ahmed Ata told Hapi.

Why now? Ata told the local outlet that the move comes following stability in the exchange rate against the greenback. The company is looking to acquire between 51-70% of the Metallurgical Industries Holding Company subsidiary, but the value of the offer has still not yet been decided on, Ata added.

Remember: Saudi-Egyptian Industrial Investment inked an MoU in 2023 with El Nasr Glass’ parent company Metallurgical Industries Holding Company to increase the glass company’s capital and for the investment to be used to add production lines to make glass for solar panels. However, we heard in February that plans were put on hold until the exchange rate stabilizes.

EMAAR PUSHES FORWARD ACQUISITION PLANS

Emaar seeks shareholders’ blessings for upcoming acquisitions: Emaar Misr will hold an extraordinary general meeting of shareholders on 18 July to secure the green light for its proposed acquisitions of Albro North Coast for Developments and Skytower for Real Estate Development, an EGX disclosure (pdf) showed.

ICYMI: Emaar Misr submitted two non-binding preliminary offers earlier this year to acquire stakes in both companies, after its board greenlit the move. One of the offers would see Emaar Misr acquire up to 75% of additional shares in Albro — which would give it full ownership of the company — via a share swap. The other offer would see Emaar Misr acquire a 25% stake in Skytower in an all-cash transaction, with plans to potentially acquire the remaining 75% through a share swap. Both offers were approved by Albro and Skytower shareholders.

GTEX HOLDING MULLS OFFER FOR ITS UK-BASED MENSWEAR RETAIL UNIT

GTEX Holding’s UK subsidiary for menswear retail has a suitor: GTEX Holding received an acquisition offer from an unnamed related party for its UK menswear retail subsidiary Baird Group, according to an EGX disclosure (pdf). GTEX said it will hold a board meeting soon to mull the offer, which seeks to acquire all of GTEX’s 98.15% stake in Baird and hire a financial advisor to prepare a fair value study for the shares.

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