Cairo – Mubasher: The board of B Investments Holding approved the acquisition of equity ownership between 51% and 90% of Orascom Financial Holding’s share capital through a mandatory tender offer (MTO).
The board members also authorised the chairman or the managing director to take the required procedures and submit all documents needed for the share swap deal, according to a bourse disclosure.
The share capital of B Investments stands at 160.02 million shares, while the share capital of Orascom Financial Holding reaches 4.72 billion shares, excluding treasury shares. In this regard, the share swap ratio for the transaction will be one share of B Investments for 56.76 shares of Orascom Financial Holding
Meanwhile, the final swap ratio will be determined after the release of the IFA report.
In the first quarter (Q1) of 2023, B Investments recorded consolidated net profits after tax amounting to EGP 463.83 million, an annual leap from EGP 22.30 million, including non-controlling equity.
The consolidated net profits after tax of Orascom Financial Holding dropped to EGP 19.81 million in Q1-23 from EGP 27.43 million in Q1-22, including minority interest.
