Ahli United Bank gets FRA approval for bid to buy full stake of its arm in Egypt
The Egyptian Financial Regulatory Authority (FRA) approved Ahli United Bank’s (AUB) offer to buy the remaining 14.52 percent stake in AUB Egypt alongside Misr Strategia.
The offer targets some 43.5 mn shares at 29.783 Egyptian pounds apiece, giving the transaction a value 1.29 billion pounds.
The acquisition would see the AUB purchase the International Finance Corporation’s 10 percent stake and Qatar National Bank’s 4.1 percent holding, while Misr Strategia would acquire the remaining 0.15 percent held by Egyptian shareholders
Naeem Holding will be the broker in charge of executing the offer on the EGX.