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Dice Sports and Casual Wear receives preliminary offer for 90% stake acquisition

A consortium led by Toma for Commercial and Industrial Investments, along with Maged Toma, is interested in acquiring 90% of Dice Sports and Casual Wear, worth over LE 1.1 billion.
21.09.23 | Source: EgyptToday

Dice Sports and Casual Wear, an Egyptian company, has received a preliminary offer from its founders, a consortium led by Toma for Commercial and Industrial Investments and Maged Toma, for the acquisition of 90% of its shares. The deal, involving the purchase of 1.6 billion shares at LE 0.65 per share, values the potential acquisition at more than LE 1.1 billion, a 4.8 percent premium over the company's closing share price on Monday. This mandatory tender offer, if it goes ahead, will follow necessary regulations outlined by Egypt's financial authorities. In other market news, The Saudi Egyptian Investment Company (SEIC) has increased its ownership stake in e-Finance for Digital and Financial Investments, an Egyptian firm. SEIC has acquired an additional 0.01561 percent of the company, taking its stake up to 25 percent. These shifts reflect changing dynamics in Egypt's market, indicating potential alterations in ownership structures within the country's business landscape. Both Dice Sports and e-Finance are expected to critically evaluate these offers, considering their implications before making any final decisions.