Nile Cotton Ginning investors looking to purchase 7.06% stake from worker’s union for EGP 183 mn

M&A WATCH- A group of investors in state-owned Nile Cotton Ginning want to buy out the company’s workers’ union, offering EGP 183 mn for the entire 7.06% stake the union holds in the company, union head Khairy Marzouk tells Al Mal. The Financial Regulatory Authority has signed off on the potential sale, decreeing that the union would be treated as an individual investor and has the same ownership rights. The offer is up for discussion at the company’s next general assembly meet on 24 August.