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The Orascom Investment Holding Board of Directors, led by the engineer Naguib Sawiris, approved the report of the independent financial advisor, BDO Financial Consultancy Company, on the fair value of the shares of Nile Sugar Company to 2.84 LE per share for a total value of LE 3.76 billion. On all shares of the company worth 3.591 billion pounds, in addition to the repayment of existing shareholder loans of 70 million pounds.
According to a statement released Thursday by the Egyptian Stock Exchange, the mode and terms of payment, as well as the terms of acquisition, by repaying 10% of the total purchase price of £ 359.1 million, as well as shareholder loans 70 million pounds upon completion of the transaction and the remaining 90 percent which will serve as debt to the company to issue promissory notes to sellers as a guarantee of payment, which will transfer their right to value to Ortcom, the largest shareholder of Ortcom. The bonds are deposited in an intermediary account and paid in accordance with the instructions. Agreed on.
The company stipulated that if the competent authorities refused to increase the capital, the purchase transaction would be canceled, as well as the sales contract. It would return all the shares, receive promissory notes and recover the amount paid.
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