Today, the Financial Regulatory Authority (FRA) made an announcement through a disclosure to the EGX that B-Investments (BINV) has officially submitted its tender offer to acquire up to 90% of Orascom Financial Holding (OFH). This represents a significant stake of 4,249,009,458 shares in the total listed shares of OFH, excluding treasury stocks, which account for 1.64% of the company's shares. The proposed acquisition will be conducted through a stock swap arrangement.
Under this stock swap, B-Investments (Binv) plans to increase its capital by issuing a total of 74,859,222 shares. In this exchange, each 56.76 shares of Orascom Financial Holding will be traded for 1 share of B-Investments. It's important to note that B-Investments aims to acquire a minimum of 51% of the total shares of Orascom Financial Holding.
The FRA has confirmed that the offer is currently under careful study and awaits the final decision.
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