{"id":624121,"date":"2024-06-24T00:00:00","date_gmt":"2024-06-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/24\/saudi-egyptian-industrial-investment-mulls-reviving-bid-for-state-run-el-nasr-glass-plus-emaar-misr-pushes-forward-acquisition-plans-gtex-holdings-uk-retail-unit-receives-offer\/"},"modified":"2024-06-24T00:00:00","modified_gmt":"2024-06-24T00:00:00","slug":"saudi-egyptian-industrial-investment-mulls-reviving-bid-for-state-run-el-nasr-glass-plus-emaar-misr-pushes-forward-acquisition-plans-gtex-holdings-uk-retail-unit-receives-offer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/24\/saudi-egyptian-industrial-investment-mulls-reviving-bid-for-state-run-el-nasr-glass-plus-emaar-misr-pushes-forward-acquisition-plans-gtex-holdings-uk-retail-unit-receives-offer\/","title":{"rendered":"Saudi-Egyptian Industrial Investment mulls reviving bid for state-run El Nasr Glass; PLUS: Emaar Misr pushes forward acquisition plans, GTEX Holding\u2019s UK retail unit receives offer"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>M&amp;A activity appears to be picking up<\/strong>, with some companies pointing to the new-found stability of the EGP exchange rate against the greenback. <\/p>\n<p class=\"tag-border-left\">SAUDI-EGYPTIAN INDUSTRIAL INVESTMENT REVIVES EL NASR GLASS BID<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi-Egyptian Industrial Investment\u2019s acquisition bid for El Nasr Glass is back on:<\/strong> The Saudi-Egyptian Industrial Investment is considering reviving its bid to acquire a majority stake in the state-owned <a target=\"_blank\" href=\"https:\/\/www.elnasrglass.com\/\" style=\"\" rel=\"noopener\">El Nasr Glass and Crystal Company<\/a>, the company\u2019s CEO Ahmed Ata told <a target=\"_blank\" href=\"https:\/\/hapijournal.com\/2024\/06\/23\/%d8%a7%d9%84%d8%b3%d8%b9%d9%88%d8%af%d9%8a%d8%a9-%d8%a7%d9%84%d9%85%d8%b5%d8%b1%d9%8a%d8%a9-%d8%aa%d8%af%d8%b1%d8%b3-%d8%aa%d8%ac%d8%af%d9%8a%d8%af-%d8%b9%d8%b1%d8%b6-%d8%a7%d9%84%d8%a7\/\" style=\"\" rel=\"noopener\">Hapi<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why now? <\/strong>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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Saudi-Egyptian Industrial Investment <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd4e09bb-a831-4dcf-b149-0ac5d4932182\" style=\"\" rel=\"noopener\">inked an MoU<\/a> in 2023 with El Nasr Glass\u2019 parent company Metallurgical Industries Holding Company to increase the glass company\u2019s 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 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/acb5d6a2-0b6e-40c9-a8e8-6db186b3cb9c\" style=\"\" rel=\"noopener\">put on hold<\/a> until the exchange rate stabilizes.<\/p>\n<p class=\"tag-border-left\">EMAAR PUSHES FORWARD ACQUISITION PLANS<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emaar seeks shareholders' blessings for upcoming acquisitions<\/strong>: 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 <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1409.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a> showed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>Emaar Misr <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b663d78c-581d-42e4-9b24-882c98dba3e8\" style=\"\" rel=\"noopener\">submitted<\/a> 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 \u2014 which would give it full ownership of the company \u2014 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 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e441b562-52f2-4943-9f4e-0b82864516c6\" style=\"\" rel=\"noopener\">approved<\/a> by Albro and Skytower shareholders.<\/p>\n<p class=\"tag-border-left\">GTEX HOLDING MULLS OFFER FOR ITS UK-BASED MENSWEAR RETAIL UNIT<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GTEX Holding\u2019s UK subsidiary for menswear retail has a suitor: <\/strong>GTEX Holding received an acquisition offer from an unnamed related party for its UK menswear retail subsidiary <a target=\"_blank\" href=\"https:\/\/www.baird-group.co.uk\/\" style=\"\" rel=\"noopener\">Baird Group<\/a>, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1397.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. GTEX said it will hold a board meeting soon to mull the offer, which seeks to acquire all of GTEX\u2019s 98.15% stake in Baird and hire a financial advisor to prepare a fair value study for the shares.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi-Egyptian Industrial Investment revived its bid because of the stability in the exchange rate against the greenback<\/p>\n","protected":false},"author":1,"featured_media":624122,"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":[1527,72,8297,2234,7424,7128,8654,83,338,8409],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-emaar-misr","tag-enterpriseam","tag-fashion","tag-foreign-exchange","tag-gtex-holding","tag-ma-watch","tag-metallurgical-industries-holding-company","tag-real-estate","tag-retail","tag-saudi-egyptian-industrial-investment-2","wpautop","entry"],"acf":{"mongo_id":"27b342ac-a7c6-4971-8373-1aa8db736c31","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1439.jpg","photo_position":"above","homepage_title":"Saudi-Egyptian Industrial Investment mulls reviving bid for state-run El Nasr Glass","full_issue_title":"Saudi-Egyptian Industrial Investment mulls reviving bid for state-run El Nasr Glass; PLUS: Emaar Misr pushes forward acquisition plans, GTEX Holding\u2019s UK retail unit receives offer","related_issue":[624113],"teaser":"Saudi-Egyptian Industrial Investment revived its bid because of the stability in the exchange rate against the greenback","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.ee892923-4e44-4e9c-9e2c-2cf3e9880947.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>Saudi-Egyptian Industrial Investment mulls reviving bid for state-run El Nasr Glass; PLUS: Emaar Misr pushes forward acquisition plans, GTEX Holding\u2019s UK retail unit receives offer - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, 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