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.
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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.
