Kuwait Food Company (Americana) K.S.C.P. submitted a bid to acquire remaining 9.65% stake in Egyptian International Tourism Projects Company (CASE:EITP) for approximately EGP 150 million on July 28, 2019. Under the terms, Kuwait Food Company will acquire offered to purchase up to 38.6 million shares at EGP 3.9 per share. As on July 8, 2020, Kuwait Food has raised the offer per share to EGP 6.32. Adeptio Adeptio AD Investments has submitted a request to the Financial Regulatory Authority (FRA) for its approval to buy out minority shareholders and subsequent delisting of Egyptian International Tourism Projects Company. As on November 17, 2019, Egyptian International Tourism's minority shareholders rejected this offer. As on November 19, 2019, the FRA unjustifiably rejected this offer. As on July 8, 2020, Kuwait Food has raised the offer per share to EGP 6.32 as its EGP 3.9 per share offer was rejected by FRA. As on July 12, 2020, The Financial Regulatory Authority approved the mandatory tender offer. As of August 11, 2020, Kuwait Food Company purchased 9.13% stake, raising its holding to 99.19%.