Cairo - Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of a mandatory tender offer (MTO) submitted by Bahrain's Arab Banking Corporation (Bank ABC) to acquire Blom Bank Egypt.
The offer includes the purchase of up to 300 million shares or 100% of the issued capital of Blom Bank Egypt for EGP 22.33 per share, the FRA said in a statement to the Egyptian Exchange (EGX) on Sunday.
The validity period of the MTO extends from 25 July to 5 August.
In January, Bank ABC announced signing an agreement with Lebanon’s Blom Bank to acquire its 99.4% stake in Blom Bank Egypt for EGP 6.700 billion.
