{"id":607813,"date":"2023-10-10T00:00:00","date_gmt":"2023-10-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/dice-founders-want-to-buy-back-a-big-chunk-of-the-company\/"},"modified":"2023-10-10T00:00:00","modified_gmt":"2023-10-10T00:00:00","slug":"dice-founders-want-to-buy-back-a-big-chunk-of-the-company","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/dice-founders-want-to-buy-back-a-big-chunk-of-the-company\/","title":{"rendered":"Dice founders want to buy back a big chunk of the company"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Dice founders bid to reacquire nearly half of the company: <\/strong> The founders of EGX-listed clothing company <a target=\"_blank\" href=\"https:\/\/dice.eg\/company\/\" style=\"\" rel=\"noopener\">Dice Sports and Casual Wear<\/a> have submitted a mandatory tender offer to purchase more than 838 mn of its shares. The transaction would give them control of c. 80% of the company\u2019s stock. In <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/434.pdf\" style=\"\" rel=\"noopener\">an EGX disclosure (pdf)<\/a> Sunday, the Financial Regulatory Authority said that it is currently studying an offer it received from a consortium consisting of the founding family\u2019s Toma Company for Commercial and Industrial Investments and board member Maged Toma.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The details: <\/strong> The consortium submitted a preliminary offer last month to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/601b9074-a068-43d2-b1ba-b2d1a527ad2b\" style=\"\" rel=\"noopener\">acquire up to 90%<\/a> of the company at EGP 0.65, valuing it at more than EGP 1.1 bn. The Toma family\u2019s bid is for shares representing a 46.9% stake in the company, the FRA said Sunday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The Toma family already owns 32% of the company: <\/strong>Founder and CEO of the company Nagy Toma currently has a 21.1% stake, while Maged Toma, who sits on the company\u2019s board, owns 8.7%. United Motors has a 7% share, while the rest of the company\u2019s shares are in freefloat.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> BACKGROUND- <\/strong>The family sold more than half of the company to public investors during its IPO on the EGX in 2017.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> MARKET REAX- <\/strong>Dice shares fell 2.4% to close at EGP 0.61 on Sunday following the news. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dice\u2019s founders are bidding to acquire 47% of its shares, a transaction that would give them control of almost 80% of the company<\/p>\n","protected":false},"author":1,"featured_media":607814,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[3511,72,7128,2080],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-dice-sport-and-casual-wear","tag-enterpriseam","tag-ma-watch","tag-textiles","wpautop","entry"],"acf":{"mongo_id":"9093bdbd-1ae7-47be-9893-742b8694fc7a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/433.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The founders of Egypt\u2019s Dice want to buy back a chunk of the garmentmaker","related_issue":[607804],"teaser":"Dice\u2019s founders are bidding to acquire 47% of its shares, a transaction that would give them control of almost 80% of the company","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.59e0cd5c-bad2-4f31-920f-37295eb359b8.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Dice founders want to buy back a big chunk of the company - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/dice-founders-want-to-buy-back-a-big-chunk-of-the-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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