Cairo – Mubasher: The Board of Directors of Tenth of Ramadan Pharmaceutical Industries and Diagnostic Preparations (Rameda) has approved in principle the proposal submitted by the Managing Director regarding the acquisition of 100% of the capital shares of Art Pharma for Pharmaceutical Industries through a share swap.
The company explained in a disclosure sent to the Egyptian Exchange (EGX) that the Board of Directors approved, by a majority of those present, delegating the Managing Director to take the necessary measures to submit a preliminary offer to the shareholders of "Art Pharma" to acquire 100% of the total shares of the target company.
The approval was conditional upon the minimum percentage of shares to be acquired to complete the transaction being 90% of the total shares of the target company.
The acquisition will be executed through a share swap, whereby the shareholders of "Art Pharma" will receive new shares issued in the capital of "Rameda" in exchange for their shares in the target company.
