Arab Finance: The Financial Regulatory Authority (FRA) has allowed e-finance for Digital and Financial Investments to move forward with its acquisition of around 99.32% of Tamweely Financial Services, as per a disclosure.

The transaction requires e-Finance to increase its issued and paid-up capital to EGP 1.806 billion from EGP 1.733 billion. An extraordinary general meeting (EGM) will be called to consider the proposed increase.

The EGP 73.041 million increase will be distributed across 146.082 million shares with a par value of EGP 0.50 each, in addition to a share premium of EGP 3.774 billion.

Through the transaction, e-Finance plans to acquire, directly and indirectly, around 2.247 million Tamweely shares, representing approximately 99.32% of the company’s capital.

Part of the acquisition consideration will be financed through a share swap at a ratio of one Tamweely share for every 65 e-Finance shares. The shares issued under the swap will be allocated entirely to Turin Egypt, Tamweely’s principal shareholder.

It was announced earlier that the Investment Banking division of EFG Hermes, an EFG Holding company, acted as sole financial adviser to eFinance for Digital and Financial Investments on its proposed full acquisition of Tamweely.