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The Middle East Glbad Manufacturing Council agreed to sign an agreement to sell 44.4% of its stake in Medco Plast for packaging systems for 505.8 million pounds. Announcement of the sale of 2.19 million shares of Medco to Indurama Nests at a price of LE 230.16 per share
After the conclusion of the transaction, Middle East Glbad will remain the owner of 772.2 Thousands of shares representing 15.6% of the total capital of Medco Plast. The board approved the appointment of an independent financial advisor to study the fair value of the shares The share sale contract is a contract that is not executed except after taking the procedures provided for in the Article 44 of the Listing and Deletion Rules.
The company confirmed that the parties to the agreement are expected to execute the sale of shares in the third quarter of 2018,
Earlier this week, an agreement was signed on the Middle East for the glbad industry under the exception of a mandatory purchase offer of LE 825.7 million.
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