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AUB provides update on AUB Egypt acquisition

AUB provides update on AUB Egypt acquisition
AUB’s stake in AUB Egypt will be raised to 95.7%
AUB
AUB
0.00% 0.96 0.00

Mubasher: Ahli United Bank – Bahrain (AUB Bahrain) said that the public tender offer to increase its stake in its unit in Egypt ended on 22 October.

During the tender offer period, Ahli United Bank – Egypt’s shareholders tendered their shares, representing 10.2% of total offered shares, the bank said in a statement to Bahrain Bourse on Sunday.

Subject to regulatory approvals, AUB’s stake in AUB Egypt will be raised to 95.7% from 85.5%.

In September, the Egyptian Financial Regulatory Authority (FRA) approved the purchase offer submitted by AUB Bahrain and Misr Strategia Investment (MSI) to acquire AUB Egypt.

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.