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Tuesday, 22 September 2020

Ahli United Bank bid for AUB Egypt gets regulatory approval

M&A WATCH- Ahli United Bank gets regulatory clearance for bid to buy out minority investor: Ahli United Bank’s (AUB) full takeover of its Egypt arm moved a step closer yesterday after the Financial Regulatory Authority (FRA) approved its offer to purchase the remaining 14.52% stake in AUB Egypt alongside Misr Strategia, the authority said in a statement carried by Al Mal. The offer targets some 43.5 mn shares at EGP 29.783 apiece, giving the transaction a value EGP 1.29 bn. The acquisition would see the AUB purchase the International Finance Corporation’s 10% stake and Qatar National Bank’s 4.17% holding, while Misr Strategia would acquire the remaining 0.15% held by Egyptian shareholders. Naeem Holding will be the broker in charge of executing the offer on the EGX.

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