{"id":616241,"date":"2024-03-03T00:00:00","date_gmt":"2024-03-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/03\/b-investments-granted-more-time-to-submit-mto-for-ofh-plus-agthia-ups-stake-in-abu-auf-basata-acquires-jordanian-fintech-stake\/"},"modified":"2024-03-03T00:00:00","modified_gmt":"2024-03-03T00:00:00","slug":"b-investments-granted-more-time-to-submit-mto-for-ofh-plus-agthia-ups-stake-in-abu-auf-basata-acquires-jordanian-fintech-stake","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/03\/b-investments-granted-more-time-to-submit-mto-for-ofh-plus-agthia-ups-stake-in-abu-auf-basata-acquires-jordanian-fintech-stake\/","title":{"rendered":"B Investments granted more time to submit MTO for OFH. PLUS: Agthia ups stake in Abu Auf, Basata acquires Jordanian fintech stake"},"content":{"rendered":"

It\u2019s a busy day for acquisitions<\/strong>, with Egyptian companies acquiring stakes overseas, foreign companies upping their stakes in Egyptian companies, and \u2014 for good measure \u2014Egyptian companies trying to acquire other Egyptian companies.<\/p>\n

B INVESTMENTS\u2019 MTO FOR ORASCOM FINANCIAL KICKS OFF TODAY-<\/p>\n

Orascom Financial Holding (OFH) shareholders have 30 trading sessions<\/strong>starting today to respond to B Investments\u2019 bid<\/strong> to acquire up to 90% of the company via a share swap. The Financial Regulatory Authority agreed on Thursday to extend the MTO to be run from today until 15 April, according to an EGX disclosure (pdf)<\/a>.<\/p>\n

Remember: <\/strong>B Investments\u2019 board in December agreed<\/a> to a share swap ratio of one BInvestments share for every 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. The FRA approved the MTO<\/a> last week. <\/p>\n

In the making since last summer: <\/strong>B Investments had approved a plan<\/a> to submit the MTOback in June, but requested a deadline extension in September.<\/p>\n

\n

AGTHIA UPS STAKE IN ABU AUF- <\/p>\n

UAE\u2019s Agthia has acquired an additional 10% in Abu Auf parent company for EGP 691 mn<\/strong> (c. USD 22 mn)<\/strong>,bringing its total share in the Egyptian snack and coffee company to 70%, according to an ADX disclosure (pdf)<\/a> from Agthia. Food and beverage firm Agthia acquired a 60% stake in Abu Auf<\/a> in 2022.<\/p>\n

\n

BASATA ACQUIRES STAKE IN JORDANIAN FINTECH PLAYER- <\/p>\n

Basata, Jordan Kuwait Bank to snap up 30% of MadfoatCom:<\/strong>Fintech platform BasataHolding for Financial Payments and Jordan Kuwait Bank have put forward a binding offer to acquire a 30% stake in Jordanian bill payment provider MadfoatCom<\/a>, according to a statement (pdf)<\/a> from Basata. Madfoatcom\u2019s shareholders have accepted the offer and it is now pending regulatory approval in Jordan. The value of the acquisition was not disclosed. <\/p>\n

What they said: <\/strong>\u201cWe are excited to be part of this unique transaction which will enhanceregional cooperation between Jordan and Egypt,\u201d Jordan Kuwait Bank CEO Haethum Buttikhi said.<\/p>\n","protected":false},"excerpt":{"rendered":"

B Investments wants to submit an MTO for up to 90% of Orascom Financial Holding<\/p>\n","protected":false},"author":1,"featured_media":616242,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[1709,1326,140,8368,72,7128,553],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-abu-auf","tag-agthia","tag-b-investments","tag-basata","tag-enterpriseam","tag-ma-watch","tag-orascom-financial-holding","wpautop","entry"],"acf":{"mongo_id":"116a2c54-e0f8-48c8-8ab7-dcd66b0aeffe","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/11.jpg","photo_position":"above","homepage_title":"B Investments granted more time to submit MTO for OFH","full_issue_title":"B Investments granted more time to submit MTO for OFH. 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