Arab Finance: Al Baraka Bank Egypt intends to acquire a majority stake in Al Tawfeek Leasing Company through a mandatory tender offer (MTO), the Financial Regulatory Authority (FRA) announced.
The EGX-listed lender plans to raise its ownership in Al Tawfeek to 7.62% to up to 90%, with a minimum acceptance threshold of 51%.
The transaction will be executed through a share swap, which will be set by a financial advisor.