Egypt's NBD Accepts Prime Bid For Stake In Glass Firm

In a statement posted on the stock exchange website, the bank said it had selected the winning bid from among a total of four, the other three from Egypt for Glass Manufacturing, MAC Investments and Haykala Investment Managers. It added that the bank's board would have final say on Prime Capital's offer.



It did not say when the board's decision would be made.



Last week the bank rejected four bids from the same companies, saying the price offered was too low and calling on them to submit improved offers.



Prime Capital's offer gives the bank, which owns an 88.3 per cent stake in NCGC, two sale alternatives, the NBD said.