REG - Edita Food Ind SAE - Edita acquires Fancy Food

Edita Food Industries SAEAnnouncement

30/05/2023 07:00

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RNS Number : 8975A  Edita Food Industries S.A.E.  29 May 2023

Edita Food Industries - Summary of Resolutions of the Board of Directors
Meeting of the company convened on Monday dated 29/5/2023

Giza, 29/5/2023

Edita Food Industries SAE ("the Company") announces that the Board of
Directors Meeting of the Company convened on Monday dated 29/5/2023 and
unanimously resolved the following resolutions:

 1)    Approve the minutes of the previous Board of Directors Meeting (No.
 173) dated on 29/5/2023.

 2)   Further to the resolutions of the Board of Directors in its meeting
 held on 26/2/2023, the Board of Directors approved the purchase of the entire
 shares of Fancy Foods S.A.E. (subject of the acquisition) through Edita Food
 Industries and/or its subsidiaries with a total value of EGP 380,000,000
 (three hundred eighty million Egyptian pounds) which represents the total
 value of the acquisition (including the purchase price of the shares subject
 of the acquisition and the settlement of the indebtedness of the company
 subject of the acquisition including outstanding amounts to the banks and
 shareholders' current account), and authorizing Eng. Hani Nabih Aziz Berzi -
 Chairman of the Board of Directors and Mr. Sameh Magdi Naguib Mikhail,
 severally,  to determine how to settle the aforementioned dues in the share
 purchase agreement to be concluded with the shareholders of the target.

 3)   Approve to authorize Eng. Hani Nabih Aziz Berzi  Chairman of the Board
 of Directors and Mr. Sameh Magdi Naguib Mikhail, severally, to take all
 necessary measures regarding the execution of the purchase of shares of Fancy
 Foods S.A.E. and to sign on behalf of the company any documents, contracts or
 agreements to execute the acquisition, including, but not limited to, the
 share purchase agreement, the brokerage agreement related to the acquisition,
 buy orders, account opening agreements and other documents, papers and
 disclosures required to conclude, complete and execute the acquisition before
 the General Authority for Investment and Free Zones, the Financial Regulatory
 Authority and the Egyptian Stock Exchange.

 

 

-Ends

 

Contacts

Ms. Menna Shams El Din

Head of Investor Relations and Corporate Affairs

T: +202 3851 6464 | M: +20 100 1542428 |  menna.shamseldin@edita.com.eg
(mailto:%20menna.shamseldin@edita.com.eg)

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