CAIRO - 26 July 2021: The Egyptian Stock Exchange (EGX) announced the details and controls of the compulsory purchase offer submitted by the Arab Banking Corporation, to purchase up to 300 million shares, which represents up to 100 percent of the issued capital of BLOM Bank Egypt. The stock exchange indicated in a statement, Monday that the purchase offer price is LE 22.33 per share, and the execution and settlement currency is equivalent to $1.42 per share. It said that the validity period of the offer is 10 working days, starting from the day following the date of publishing the announcement of the purchase offer until the end of the trading session on August 5, noting that the implementation will take place on the Egyptian Stock Exchange within 5 working days after the expiry of the offer period. On July 18, The Financial Regulatory Authority (FRA) agreed to publish the announcement of the compulsory purchase offer submitted by the Arab Banking Corporation (ABC) to 300 million shares, representing up to 100% of the capital of BLOM Bank Egypt, in accordance with the provisions of Chapter Twelve of the Executive Regulations of Law 95 of 1992. The amount offered by ABC for the acquisition is estimated at LE 6.7 billion ($427 million).

Source: Egypt Today July 26, 2021 17:23 UTC