Ahli United Bank B.S.C. (BAX:AUB) made an offer to acquire additional 14.37% minority stake in Ahli United Bank (Egypt) S.A.E. for EGP 1.3 billion on September 15, 2020. Under the terms, Ahli United Bank will acquire 43.099549 million shares at EGP 29.783 per share. The maximum size of the proposed tender offer will be $81.2 million (EGP 1.279 billion). The offer will be launched for subscription after securing the final regulatory approvals in Egypt. As of September 22, 2020, The Egyptian Financial Regulatory Authority (FRA) approved the transaction. Tender offer will start on September 24, 2020 and will close on October 22, 2020.
Ahli United Bank B.S.C. (BAX:AUB) completed the acquisition of additional 10.2% stake in Ahli United Bank (Egypt) S.A.E. for approximately EGP 910 million on October 22, 2020. Post completion, Ahli United Bank B.S.C. hold 95.7% stake of Ahli United Bank (Egypt) S.A.E.