{"id":610200,"date":"2023-11-16T00:00:00","date_gmt":"2023-11-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/dices-founders-have-bought-back-another-third-of-their-company\/"},"modified":"2023-11-16T00:00:00","modified_gmt":"2023-11-16T00:00:00","slug":"dices-founders-have-bought-back-another-third-of-their-company","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/dices-founders-have-bought-back-another-third-of-their-company\/","title":{"rendered":"Dice\u2019s founders have bought back another third of their company"},"content":{"rendered":"

Dice founder\u2019s reacquisition bid has finally wrapped:<\/strong> The founders of EGX-listed Dice Sports and Casual Wear<\/a> have bought back 545 mn shares of the company at EGP 0.80 per share through a mandatory tender offer (MTO), according to a statement<\/a> on the EGX yesterday. The founding family\u2019s Toma Company for Commercial and Industrial Investments raised the family\u2019s total stake in the company by 30.5% at a cost of EGP 436 mn. <\/p>\n

So how much of the company has the founders clawed back? <\/strong>The family now owns 63.4% of the company after buying back 30.5% of the company through the re-acquisition bid and selling 3.9% of the company on Tuesday, according to an EGX disclosure (pdf)<\/a>. It held 32.9% before the transaction started. <\/p>\n

This is a smaller chunk of the company than they were hoping to reclaim<\/strong>: The founders submitted an MTO last month<\/a> to buy back over 838 mn shares \u2014 or 46.9% \u2014 of their company in bid to get to c.80%. Only around two-thirds of the shareholders responded to the offer. <\/p>\n

What\u2019s next for Dic<\/strong>e?<\/strong> Post-acquisition, the founders are looking to upgrade and expand Dice\u2019s production lines, launch new products, and increase the company\u2019s market share. The founders also want to boost Dice\u2019s exports and step into new markets across the region.<\/p>\n

BACKGROUND-<\/strong> In September this year, they submitted an initial bid<\/a> that would have restored a 90% total stake in Dice after selling over half the company to public investors during an IPO on the EGX in 2017.<\/p>\n

Advisors:<\/strong> Beltone Financial Holding\u2019s Beltone Securities acted as broker on the transaction, while its investment banking unit acted as financial advisor. Matouk Bassiouny & Hennawy served as counsel.<\/p>\n

Correction on 25 November 2023: An earlier version of this story miscalculated the stake Toma Company for Commercial and Industrial Investments holds in Dice post acquisition. <\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

The family increased its total stake by 30.5% at a cost of EGP 436 mn<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[1],"tags":[72,7128,338,2080],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610200","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-enterpriseam","tag-ma-watch","tag-retail","tag-textiles","wpautop","entry"],"acf":{"mongo_id":"3959e977-092b-4868-bb8a-8429e2b32baa","order":"0","is_powered_by":false,"story_type":"1","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"Founders of Egyptian clothing company Dice have bought back another third of their firm","related_issue":[610191],"teaser":"The family increased its total stake by 30.5% at a cost of EGP 436 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.d85b5fb9-9412-4d41-ad75-fcb483f0c5e1.mp3"},"yoast_head":"\nDice\u2019s founders have bought back another third of their company - 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