FRA reviews compulsory purchase offer submitted to Dice Sport & Casual Wear

The Financial Regulatory Authority (FRA) of Egypt is currently examining a mandatory purchase offer submitted by the Toma Company for Commercial and Industrial Investments, in alliance with Mr. Maged Samir Touma Thomas. This proposition aims to acquire a portion of capital shares of Dice Sport & Casual Wear. Specifically, the offer covers 838.14 million shares which interprets to 46.9 percent of the capital shares of Dice Sport & Casual wear. This figure excludes shares that are unlikely to respond to the purchase offer and also the minimum number of freely traded shares. The purchase price for each share has been set at LE 0.65 following the rules of the Executive Regulations of Capital Market Law No. 95 of 1992. According to the FRA, this offer is under its scrutiny. During the first half of 2023, Dice Sport & Casual Wear reported profits of LE 121.16 million, a notable rise from LE 25.44 million in the same period of 2022. The sales of the company also had an upsurge to LE 1.44 billion in contrast with sales of LE 903.66 million in the corresponding half of the previous year. Remarkably, on the non-consolidated financial statements, the net profit recorded LE 125.4 million during the period from January to the end of June 2023, compared to profits of LE 13.6 million during the first quarter of 2022.