Sika Egypt For Construction Chemicals S.A.E announced a non-binding offer to acquire Modern Waterproofing Company S.A.E. for approximately EGP 470 million.

Sika Egypt For Construction Chemicals S.A.E announced a non-binding offer to acquire Modern Waterproofing Company S.A.E. (CASE:WATP) for approximately EGP 470 million on a cash free and debt free basis on January 9, 2020. Under the terms, Sika offered majority shareholders of Modern Waterproofing to acquire Modern Waterproofing at a price of EGP 3.95 per share. On April 22, 2020, Sika Egypt For Construction Chemicals S.A.E signed an agreement to acquire Modern Waterproofing Company S.A.E. and revised its offer price to EGP 3.91 per share if offer is for more than 95% of total shares or EGP 3.79 per share if offer is less than or equal to 95% of Modern Waterproofing Company. Transaction is conditional upon Sika Egypt's final decision to launch mandatory tender offer. Financial Regulatory Authority ratified the offer submitted by Sika to acquire Bitumode. To proceed with transaction and determine final offer price will be issued post finalization of transaction condition. As of May 18, 2020, the transaction was approved by the Board of Directors of Modern Waterproofing Company. Transaction will extend and complete Sika Egypt’s offering of roofing, waterproofing, and building envelope systems. The expanded product portfolio will significantly strengthen our position in the Egyptian construction market and welcome the employees of Modern Waterproofing to Sika team and look forward to growing our business together.