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

CAIRO - 20 Septemer 2023: Dice Sports and Casual Wear, has received a preliminary offer from its founders to purchase a significant portion of the company.

According to a disclosure made on the Egyptian Exchange, a consortium led by Toma for Commercial and Industrial Investments, along with Maged Toma, has expressed interest in acquiring 90% of Dice Sports and Casual Wear.

The proposed deal involves the purchase of 1.6 billion shares of the company at a price of LE 0.65 per share. This would be facilitated through a mandatory tender offer, valuing the acquisition at over LE 1.1 billion. The offer represents a 4.8 percent premium to the company's closing share price on Monday.

To comply with Egyptian laws and regulations, the mandatory tender offer will follow the necessary procedures outlined by the country's financial authorities.

In a separate development today, The Saudi Egyptian Investment Company (SEIC) has increased its stake in e-Finance for Digital and Financial Investments, an Egyptian firm. According to a statement released in the stock market, SEIC now holds a 25 percent ownership stake in e-Finance.

The statement from e-Finance confirms that on September 18th, SEIC acquired an additional 0.01561 percent of the company, adding to its existing 25 percent stake.

These recent moves in the Egyptian market indicate changing dynamics and potential shifts in ownership structures within the country's business landscape. Both Dice Sports and Casual Wear and e-Finance are expected to carefully evaluate the offers and their implications before making any final decisions.