Cairo – Mubasher: Arabia Investments, Development and Financial Investment Holding Co (AIND) on Thursday announced completing the acquisition of International Company for Leasing’s stake in UI Finance at a value of EGP 14 million.

The company has purchased over 99% stake or 60,000 shares in UI Finance, International Company’s entire stake, according to a statement to the Egyptian Exchange (EGX).

The transaction is consistent with the independent financial advisor’s report on the fair value for the minority shareholders’ equity in UI Finance estimated at minimum EGP 13.8 million, Arabia Investments indicated.

The company said it is seeking to get the Financial Regulatory Authority’s (FRA) approval.