Egypt: Dice receives acquisition offer

PHOTO

Cairo – Dice Sport and Casual Wear received a preliminary offer from a consortium for a potential acquisition of up to 90% of the listed company’s issued share capital, according to a bourse disclosure.

Toma for Commercial and Industrial Investments as well as Maged Samir Tama Thomas plan to purchase 1.60 billion shares in Dice at an indicative price of EGP 0.65 per share.

The mandatory tender offer (MTO) will be applied in accordance with applicable Egyptian laws and regulations.

Meanwhile, the potential offer will be referred to the company’s board members for consideration.

In the first half (H1) of 2023, the EGX-listed firm logged consolidated net profits after tax valued at EGP 121.16 million, an annual hike from EGP 25.44 million, including minority interest.

Sales amounted to EGP 1.44 billion in the January-June 2023 period, up from EGP 903.66 million in H1-22.

Basic earnings per share (EPS) increased to EGP 0.06 in the first six months (6M) of 2023 from EGP 0.05 a year earlier.