B Investments’ move for Orascom Financial Holding MTO advances: B Investments’ board of directors has approved a mandatory tender offer (MTO) to acquire up to 90% of Orascom Financial Holding (OFH) (c. 4.2 bn shares) via a share swap, according to an EGX disclosure (pdf) on Tuesday.

The details: The board agreed to an MTO swap ratio of one B Investments share to 56.76 OFH shares. To enable the swap, the board approved raising its issued share capital from EGP 800 mn to EGP 1.2 bn through the issuance of 75 mn shares at a par value EGP 5 per share. The board also put the share premium per share at EGP 20.22 to accommodate the share swap ratio.

What’s next: B Investments has called for an extraordinary general meeting to approve the capital increase.

Wrapped in two months? B Investments expects the acquisition to wrap in February after the Financial Regulatory Authority has given its blessing to the MTO, Asharq Business quoted the company’s Chairman Hazem Barakat as saying.

We knew this was coming: B Investments had approved a plan to submit the MTO back in June, but requested a deadline extension in September.

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