Banque Misr Investment Banking (BMIB) and Pharos Holding for Financial Investments announced the sale of 97.7% of the shares in National Company for Maize Products (NCMP), a listed Company in the Egyptian Stock Exchange, to "Cairo Three A Group", an integrated group of agricultural commodity trading in Egypt, through a Mandatory Tender Offer (MTO). The purchase price allocation of EGP 1.5 billion (c. USD 85 million) is paid for 100% of the outstanding share capital of NCMP. BMIB along with Pharos Holding were jointly mandated as the exclusive financial advisors for Misr Capital Investments (MCI) and the National Bank of Egypt (NBE), the majority shareholders of NCMP.
"NCMP transaction came to highlight BMIB success throughout the past years. After fierce competition among investors, this transaction reflects overall interest in the Egyptian market post recent economic reforms adopted over the course of the year, specifically regarding the food and beverages sector that is driven by growing demand of an expanding population," said Dr. Suzan Hamdy, the General Manager and Director of Capital Markets Group (CapM) at Banque Misr.
"I am delighted to witness the final closure of the NCMP transaction which underscores Pharos Investment Banking's growing presence in the M&A and capital market transactions arena as well as our successful collaboration with Banque Misr, our partner in this transaction." stated Mr. Sherif Abel Aal, Managing Director and Head of Investment Banking at Pharos Holding.
"This deal is in the vanguard of financial service transaction products development in BM's investment banking field. The bank will continue to meet market needs through the offering of different banking solutions." stated Mr. Akef Al Maghraby, Vice Chairman of Banque Misr.
It is worth noting that Pharos Securities Brokerage was the broker for the deal on behalf of MCI and NBE; while Al Tamimi and Co. is the legal advisor.