Nile Cotton Ginning’s board okays voluntary delisting
Updated 12/30/2020 1:14:00 PM
ArabFinance: Nile Cotton Ginning’s (NCGC) board of directors approved voluntary delisting from the Egyptian Exchange, in light of the IMEX International’s mandatory tender offer (MTO), according to a statement filed to the Egyptian Exchange.
IMEX International’s MTO was executed on NCGC shares on October 1st. IMEX purchased 49,760,408 shares of NCGC’s capital.
The company offered to buy back the stake of dissenting shareholders at EGP 50 per share.
NCGC incurred a net loss of EGP 3,057,649 in the first nine months of 2020.
Nile Cotton, a subsidiary of Holding Company for International Trade and Cotton, is an Egypt-based public shareholding company that operates in the cotton and textiles sector. The unit is primarily engaged in cotton ginning, trading, and exporting.
