Cairo - Mubasher: The Egyptian Financial Regulatory Authority (FRA) said that Bahrain's Arab Banking Corporation (Bank ABC) submitted a draft mandatory tender offering (MTO) to acquire 300 million shares or 100% of the issued capital of Blom Bank Egypt for EGP 22.33 per share. 

The payment will be made in US dollars as per the average exchange rate announced by the Central Bank of Egypt (CBE) over seven days prior to the date of the issuance of the FRA's approval for the purchase offer, the authority said in a statement to the Egyptian Exchange (EGX) on Tuesday. 

The purchase offer submitted by Bank ABC is currently under review by the FRA.

In January, Bank ABC announced signing an agreement with Lebanon’s Blom Bank to acquire its 99.4% stake in Blom Bank Egypt for EGP 6.700 billion.

HSBC Bank Middle East acted as the sole financial advisor to Bank ABC, while Freshfields Bruckhaus Deringer and Zulficar & Partners were legal advisors. CI Capital advised Blom Bank Lebanon on the deal, while Baker McKenzie acted as legal counsel.