The Arab Developers Holding’s (ADH) board approved the report of the fair value (FV) study of its subsidiary, Amer Syria Company, prepared by the Financial Advice Corporate Transactions (FACT), Invest-Gate reports.
Amer’s FV was estimated at $13 mn. Besides, the ADH’s board authorizes the group’s chairman, Gamal Fawzy, to take all relevant actions following the rules for listing and delisting securities.
ADH is awaiting the legal opinion on the offer submitted to buy Amer Syria, which will be presented by one of the largest law firms specialized in providing legal services and consultations in sales offers and acquisition deals.
The law firm’s view will be presented to the ADH’s board to be considered and to decide on holding an extraordinary general meeting.
It is noteworthy to mention that on March 5th, Arab Developers Holding announced receiving a purchase offer from El Jody for Construction and Real Estate Investment for its entire stake in Amer Syria at a value of $18m.
Besides, according to the FV study prepared by FACT, the book value of Amer Syria’s share is estimated at (-758.2)/share.
On a side note, Arab Developers Holding is listed in the Egyptian Exchange, with a unique portfolio containing various residential, coastal, commercial, and medical projects across the state. In addition, the company has a land portfolio of around 5 mn sqm. Also, the company owns coastal projects in Morocco, Jordan, and Syria.