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Blom Bank Egypt's shares sold in MTO reach 298.6m

Blom Bank Egypt's shares sold in MTO reach 298.6m
The subscription period for the MTO has expired on Thursday
Bank ABC
ABC
0.81% 0.37 0.00

Cairo - Mubasher: The Egyptian Exchange (EGX) said that 298.62 million shares of Blom Bank Egypt's total 300 million shares have been sold in a mandatory tender offer (MTO), according to a statement on Thursday. 

The subscription period for the MTO, submitted by Bahrain's Arab Banking Corporation (Bank ABC) to purchase up to 300 million shares or 100% of Blom Bank Egypt, has expired on Thursday. 

The Bahraini bank offered to acquire 300 million shares or 100% of Blom Bank Egypt for EGP 22.33 per share, which will be paid in the US dollar equivalent of $1.42 a share.