Tarek El Gendi, Chairman of Sharkia National Food (SNFC) said that Banque Misr has finalized early this week the study for a final assessment of merging the company with Egypt for Poultry (EPCO) into a single holding company that will invest in food security.
Speaking exclusively to Al Mal gazette, the top official said the company will receive today a copy of the bank’s report, which will be reviewed by the board members tomorrow for a final say on the merger.
Officials from the banks are continuing talks with the managements in both companies to evaluate assets of both companies, in addition to method of share swap to form the new entity.
Saudi investor Nawaf Bin Dayel, who owns a 20% stake in EPCO and 15% of SNFC, had submitted a letter to the Egyptian Exchange (EGX) on May 12, 2013, which included an initial study on merging both companies to establish a holding company.