Cairo - Mubasher: The Egyptian Exchange (EGX) revealed the details of the mandatory tender offer (MTO) submitted by Bahrain's Arab Banking Corporation (Bank ABC) to purchase up to 300 million shares or 100% of Blom Bank Egypt.

The Bahraini bank offered to acquire Blom Bank Egypt for EGP 22.33 per share, which will be paid in the US dollar equivalent of $1.42 a share, according to a statement issued by the EGX on Monday. 

The validity period of the MTO extends for 10 days starting from the next day following the publication date of the MTO until the end of the trading session on 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.