Arab Finance: Arab Moltaqa Investments Company’s board of directors approved the fair value study prepared by independent financial advisor Forvis Mazars regarding Al Baraka Bank Egypt’s offer to acquire the shares of Al Tawfeek Leasing Company (A.T. Lease).
The acquisition offer is set to be carried out through a share swap with no cash option, according to a bourse filing.
Under the proposed transaction, 0.1919 additional shares of Al Baraka Bank Egypt will be swapped for each share in A.T. Lease.
In August, the Financial Regulatory Authority (FRA) approved Al Baraka Bank Egypt's mandatory tender offer (MTO) to acquire 329.472 million shares in A.T. Lease.