Arab Finance: B Investments' board of directors has thumbed up raising the firm’s share capital by issuing around 58.338 million shares, as per a disclosure.
This decision stems from a non-cash share swap transaction with Orascom Financial Holding (OFH) shareholders, wherein each share in B Investments is exchanged for 56.76 shares in OFH.
Notably, this transaction was initiated after 3.311 billion shares in OFH, constituting approximately 70.1% of total OFH’s capital (excluding treasury shares), were elected to swap.
To facilitate this transaction seamlessly, the board also greenlit the amendment of articles 6 and 7 of the company's articles of association.