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EGX executes $424m MTO on Blom Bank Egypt's shares

EGX executes $424m MTO on Blom Bank Egypt's shares
The MTO involved 298.62 million shares at $1.42 apiece
Bank ABC
0.00% 0.33 0.00

Cairo - Mubasher: The Egyptian Exchange (EGX) announced the execution of a mandatory tender offer (MTO) on the unlisted shares of Blom Bank Egypt. 

The MTO involved the trading of 298.62 million shares at a total value of $424.04 million, the EGX said in a statement on Monday. 

Earlier, the Egyptian bourse revealed the details of the 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.