EFG fund seeks Egypt food shares worth $31m

Published Sunday, December 30, 2007

By Agencies

A direct investment fund run by EFG-Hermes said on Sunday it wanted to buy at least 31.6 per cent of National Company for Maize Products (NCMP) in a deal which would be worth 174 million Egyptian pounds ($31.5 million).

The price offered -- 25 pounds a share -- compares with the last traded price of 9.59 pounds, which was also the highest traded price for 2007.

EFG-Hermes said in a letter released by the stock exchange that its Horus III Fund was looking for 6.945 million or more shares in the food company.

In a separate letter, NCMP said that National Bank for Development wanted to sell 5.358 million NCMP shares and three other companies wanted to sell 1.586 million shares between them, making the same total of 6.945 million shares.

It did not say if these companies would accept the offer at 25 pounds a share. (Reuters)

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