A voluntary tender offer to buy 24.5% of ElSewedy Electric has been made by Electra Investment Holding. 

This transaction will happen in the OPR market which is an offline market for deals within the Egyptian Exchange.

The Offer

• Offer Price: USD 1.05/share (EGP 49.581 as per the exchange rate on the first day of the offer)
• First Day of Offer: June 2, 2024
• Last Day of Offer: July 8, 2024 before 12:30 PM

Important information

• To participate in the offer, your shares must be settled. Meaning that you will not be able to sell shares in the offer if you buy them on after 4 July, 2024.
• You can choose to receive your proceeds in USD as per the rate shown. 
• In order for the purchase to be successful, at least 15% must be sold to Electra Investment Holding. Otherwise, the offer will be canceled.
• You will see your order on the app in EGP and it will remain pending until the purchase is complete
• You can still sell your shares on the market instead of in this offer. however, they will be processed as per the market price and not the offer price above and in EGP as a normal order.

How will I receive my money?

You can choose to receive your funds in EGP or USD based on the following options:

Receive Funds in USD

To receive your funds in USD, you have the following options:

1) Bank Transfer – Get funds transferred to a USD account under your name with no fees in one of the available banks:

• Arab African International Bank (AAIB)
• Commercial International bank (CIB)
• Qatar National Bank (QNB) 
• Banque Misr (BM)
• National Bank of Egypt (NBE)
• Banque Du Caire (BDC)

Please note:

• You must have a USD account in one of the banks (otherwise the funds will reach your account in EGP)
• Account must be under your own name
• Transfers to banks not listed above are not available

2) USD Cheque – Receive a USD cheque

• Minimum amount: $400 (380 shares) 
• Cheques can be cashed at QNB only with no fees. 
• Cheques can also be deposited into your account at any other bank (not limited to banks mentioned above), regardless of the account’s currency. 
• The funds will enter your account in the currency of the account (if your account is in EGP the amount will be deposited in EGP at the bank’s FX rate). Fees respective to each bank also apply.
• Cheques will be picked up from collection points within Cairo. Exact locations and timelines will be sent in an email.

Receive Funds in EGP – Funds will be converted based on the exchange rate at the time we receive them. 

This is the best option for you if:

• You prefer to receive your funds in EGP in your Thndr wallet.
• You don’t have a USD bank account in any of the banks listed above.
• You don’t meet the $400 minimum to receive a cheque.

Important: 

If you choose USD option but don’t provide a valid USD account or meet the cheque minimum, funds will automatically be deposited in EGP in your Thndr wallet.

How to participate?

To participate in the offer, please fill this form before the deadline on 8 July 2024, 12:30 PM.

The last submission attempt will be the one processed.

You can find all the details of the offer here