The Financial Regulatory Authority (FRA) approved the mandatory tender offer (MTO) submitted by the National Printing Company to acquire Modern Shorouk Printing and Packaging (SMPP), according to a statement to the Egyptian Exchange (EGX).

The MTO includes buying up to 1.078 million shares, representing about 8.2% of the company's shares, for EGP 74.5 per share.

Currently, the National Printing Company owns 89.9% of Shorouk for Modern Printing.

Earlier in September, the FRA announced that National for Printing Company has amended the price of the MTO to acquire 100% of Modern Shorouk.

Accordingly, the purchase price has been set at EGP 74.5 per share, instead of a price ranging between EGP 52 and 54 per share.

The purchase price is based on the fair value study, which has been conducted to comply with the financial valuation standards for companies.

Shorouk for Modern Printing was established in 1979 as a private printing press. The company specializes in printing both books and magazines, in addition to packaging boxes and folding carton boxes.