Arab Finance: The Financial Regulatory Authority (FRA) is currently reviewing a mandatory tender offer (MTO) proposal by Al Baraka Bank Egypt to acquire a stake in Al Tawfeek Leasing Company (A.T. LEASE), as per a disclosure.
Submitted on March 26th, the offer targets up to 329.472 million shares, representing up to 90% and a minimum of 51% of the company’s total share capital.
The transaction will be executed through a share swap without a cash alternative, while the company’s shares will remain listed on the Egyptian Exchange (EGX).
Following approval by the extraordinary general meeting (EGM), Al Baraka Bank Egypt will issue new shares to increase its capital in favor of Al Tawfeek Leasing shareholders who accept the offer.
The exchange ratio is set at 0.1919 new shares for each share of Al Tawfeek Leasing.
