EGX announces he details of "ABC's offer to acquire BLOM Bank Egypt

CAIRO - 26 July 2021: The Egyptian Stock Exchange (EGX) announced the details and controls of the compulsory purchase offer submitted by the Arab Banking Corporation, to purchase up to 300 million shares, which represents up to 100 percent of the issued capital of BLOM Bank Egypt.

The stock exchange indicated in a statement, Monday that the purchase offer price is LE 22.33 per share, and the execution and settlement currency is equivalent to $1.42 per share.

It said that the validity period of the offer is 10 working days, starting from the day following the date of publishing the announcement of the purchase offer until the end of the trading session on August 5, noting that the implementation will take place on the Egyptian Stock Exchange within 5 working days after the expiry of the offer period.

EGX added that all brokerage firms must register the buying and selling orders for this offer in the relevant system of the Stock Exchange (OPR) during the period, provided that all orders are open-ended (OPEN), as well as for orders to reserve the registered quantities, and it must be taken into account not to make any amendments to the codes of the seller's clients lead to their being stopped until the transaction is completed.

The Stock Exchange noted that all brokerage firms should review their orders through the system’s follow-up screens before the end of the next August 5 trading session, provided that these companies make any amendments to their orders before the end of this date, and no amendments to the order data will be allowed after the end of this date.

On July 18, The Financial Regulatory Authority (FRA) agreed to publish the announcement of the compulsory purchase offer submitted by the Arab Banking Corporation (ABC) to 300 million shares, representing up to 100% of the capital of BLOM Bank Egypt, in accordance with the provisions of Chapter Twelve of the Executive Regulations of Law 95 of 1992.

The amount offered by ABC for the acquisition is estimated at LE 6.7 billion ($427 million).