Al Baraka’s AT Lease MTO should go live today

Al Baraka Bank Egypt has until today to publish a mandatory tender offer (MTO) for AT Lease (FKA Al Tawfeek Leasing), after the Financial Regulatory Authority (FRA) signed off on the offer, according to a filing to the EGX (pdf). Al Baraka Bank, which already holds indirect control of AT Lease, first flagged plans to raise its holding in the asset financing company via a share swap a year ago. The acquisition will see Al Baraka issue up to 63.2 mn new shares to AT Lease shareholders.

The offer: Al Baraka wants up to 90% of AT Lease, with a floor of 51%, all through a share swap with nocash option. Every AT Lease share tendered gets converted into roughly 0.19 Al Baraka shares, a ratio set by independent consultant BDO, which valued Al Baraka at EGP 26 a share against EGP 4.99 for AT Lease. This represents a 22.5% premium to the latter’s three-month average close of EGP 4.07 and a 15.5% premium to its six-month average of EGP 4.32.

Signs of corporate housekeeping: Al Baraka Bank already owns 7.6% directly and controls another 68.4% through Arab Moltaqa Investments Company, taking its effective holding north of 76% before the offer. The ties run deeper — Al Baraka Bank Egypt is itself majority-owned by Bahrain’s Al Baraka Group, which holds 73.7%. Its parent, Saudi conglomerate Dallah Al Baraka Group, has also long been listed as an affiliate of AT Lease.

REFRESHER- Al Baraka first told the FRA it planned this MTO back in October 2025, giving itself 59 days to file. That deadline slipped, and the FRA granted a 60-day extension in December. The offer now clearing regulatory approval keeps the same structure Al Baraka pitched from day one.

Post-transaction guardrails: Al Baraka has committed to no layoffs at AT Lease for 12 months after closing, with no plans to merge it into the bank, delist it, or sell off its assets unless new investment prospects warrant it.

ADVISORS- BDO Consulting is the independent financial advisor, Beltone Securities is executing the offer, and Matouk Bassiouny & Hennawy is providing counsel to Al Baraka.

About AT Lease: AT Lease is an EGX-listed non-bank lender offering leasing, factoring, and mortgage finance. The company has been FRA-registered since 2006, and added factoring in 2020 and mortgage financing in 2024 as it built out a one-stop-shop model for NBFIs.

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