Pharos Securities Brokerage announced the successful acquisition of 94.34% of the required shares of the Suez Bags Company, on Sunday.
Pharos was acting as the buy side broker for Mondi’s mandatory tender offer of 7,666,435 shares, equivalent to 70.11% of the capital of Suez Bags.
“Pharos has succeeded in Mondi’s acquisition of 66.14% of Suez Bags Company’s total shares for EGP 26.01 per share, which is equivalent to 94.34% of the shares that were required,” said Essam Abdel Hafiz, managing director of Pharos Securities Brokerage.
Established in 1988, Suez Bags Company is an Egyptian joint-stock company that operates five lines—four of which produce bags for cement, gypsum, and other building materials, while the fifth caters to speciality items such as chemicals, seeds, and animal feed.
