BDO for Financial Consulting sets fair value of B Investments

Updated 12/13/2023 10:40:00 AM

Arab Finance: B Investments’ board of directors has approved the fair value study conducted by BDO for Financial Consulting for its share price, which will see a share swap ratio of 1 B Investments share for 51.15 shares of Orascom Financial Holding (OFH), as per a disclosure.

The board also approved a mandatory tender offer (MTO) via a share swap to acquire up to 4.249 billion shares of OFH, equivalent to 90% of the share capital of OFH after excluding 524.569 million of treasury shares based on the final BDO for Financial Consulting’s report.

It also greenlit an MTO share swap ratio of 1 B Investments share for 56.76 shares of OFH.

On June 18^th, B Investments’ board of directors approved acquiring a minimum of 51% and up to a 90% stake in OFH via a share swap.

In order to complete the necessary steps to raise the company's issued share capital from EGP 800.122 million to a maximum of EGP 1.174 billion at a par value of EGP 5 per share and to accommodate the approved share swap ratio of 1 share of B Investments shares for 56.76 shares of OFH, the board approved the disclosure related to Form 48 of the listing regulations subject to Financial Regulatory Authority (FRA) approval.

This is necessary in order to submit the MTO to acquire up to 4.249 billion shares, or 90% of the share capital of OFH.

In addition, the board thumbed up for an extension to a convertible shareholder loan to Gourmet Egypt, a subsidiary of B Investments, with a total of EGP 100 million.

They also agreed to pen a loan agreement with the National Bank of Kuwait – Egypt for the EGP 100 million loan.

Established in 2006, B Investments is an Egypt-based private equity firm and growth capital investor that pulls a wealth of expertise to actively create value in its portfolio of companies.