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FRA approves Bank ABC's MTO for Blom Bank Egypt

FRA approves Bank ABC's MTO for Blom Bank Egypt
The offer includes the purchase of up to 300 million shares for EGP 22.33 apiece
Bank ABC
ABC
-9.86% 0.31 -0.03
Blom Bank
BLOM
-1.20% 9.50 -0.10

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.