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FRA approves Bank ABC’s MTO for Blom Bank Egypt

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.