Al Baraka gets more time to submit MTO for AT Lease majority

The Financial Regulatory Authority granted Al Baraka Bank Egypt a 60-working-day extension to submit a mandatory tender offer for Al Tawfeek Leasing (AT Lease), according to a statement (pdf) from the regulator. The new window takes effect tomorrow.

Through the MTO, Al Baraka wants to raise its holding in AT Lease from 7.6% to as much as 90%, with a minimum acceptance threshold of 51%. The acquisition will be executed through a share swap, and AT Lease shareholders who choose to sell will receive newly-issued shares in Al Baraka.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)