Cairo –  The Financial Regulatory Authority (FRA) has approved MENA Glass Holdings Limited's offer to acquire a 40.76% stake, equivalent to 25.52 million shares, in Middle East Glass Manufacturing Company (MEGM).

The offer set the price of MEGM’s share at $2.264, according to a bourse filing.

MEGM’s board will study the acquisition offer within 15 days to assess its feasibility and impact.

An independent financial advisor will be appointed to prepare a fair value report.

In 2022, MEGM’s board nodded for increasing the company’s issued capital to EGP 62.62 million from EGP 50.32 million.

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