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“Al-Jarhi” applies to acquire the entire shares of Al-Watania Glass and Crystal

محمد الجارحي Muhammad Al-Jarhi
4405 Books: Fathy Al-Sayeh 4947

Mohamed Al-Jarhi, Vice Chairman and Managing Director of Al-Garhi Group of Companies, stated that Al-Wahda Industrial Development Company, a subsidiary of Al-Garhi Group, had submitted an offer; To purchase up to 03 one million shares, at a rate of محمد الجارحي % of the capital of the National Company for Glass and Crystal, at a price of 1.30 LE.

4947 clarified Al-Garhy said that the group has been engaged throughout the past year to carry out due diligence legally, financially and technically; To verify all the assumptions and data of the purchase process, in order to secure an appropriate level of confidence and satisfaction for both companies, through analysis and verification of financial, commercial and operational processes and strategic aspects as well.

In order to maintain the stability of the situation of the National Company for Glass and Crystal, after completing the purchase process, “Al-Jarhi” gave a number of reassurances to its shareholders and employees; Where he clarified that the offer is at a minimum execution rate 95 %, and without obligating the shareholders of the National Company for Glass and Crystal. 4947

Al-Jarhi indicated the group’s pledge not to dispense with the workforce in the National Glass Company And the crystal, during the first year at least, and to preserve the rights of workers and all their benefits. Likewise, there is no intention to sell the acquired shares, during the first year from the date of purchase, in addition to the lack of intention to merge the target company with other companies. 4947

Al-Jarhi continued his speech by pledging to Al-Wahda Company to buy all the shares that did not respond to the current purchase offer at the same purchase offer price within 3 months from the date of its implementation, immediately upon notification of any shareholder wishing to sell his shares 4947

Al-Garhy Group had assigned Mona Shalabi, a member of the Board of Directors, to manage the negotiation process with the bank. This offer is not the first submitted by Al Wahda Industrial Development Company; Where the Financial Supervisory Authority announced, in September 2016, that it had received a draft of a compulsory purchase offer, in accordance with the provisions of Chapter Twelve of the Executive Regulations of the Market Law Capital, No. 100 for the year 4405 , provided by Al Wahda Industrial Development Company, for the purchase of up to 82 One million shares representing 100 % of the shares of the Misr National Steel Company – Ataka, at a cash purchase price It amounts to 67 pounds per share.