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Egypt's FRA approves AUB Egypt acquisition offer

Egypt's FRA approves AUB Egypt acquisition offer
The offer values AUB Egypt at EGP 29.78 per share
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Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the purchase offer submitted by Ahli United Bank – Bahrain (AUB Bahrain) and Misr Strategia Investment (MSI) to acquire Ahli United Bank - Egypt (AUB Egypt).

AUB Bahrain offered to acquire the foreigners’ stake in the bank, representing 14.37% or 43.09 million shares, the FRA said in a statement to the Egyptian Exchange (EGX).

In addition, MSI’s offer includes the acquisition of the Egyptians' stake in the bank, amounting to 0.15% or 447,691 shares.

The offer values AUB Egypt at EGP 29.78 per share.

During the first six months of 2020, AUB Bahrain achieved net profits of $293.4 million, down from $377.5 million in the year-ago period.