The board of directors of Abu Dhabi Islamic Bank Egypt has approved a mandatory takeover offer to acquire the freely-traded shares of Cairo National for Investment and Securities up to 100% of the company's shares at an initial price of EGP 10.5 per share.
Abu Dhabi Islamic Bank Egypt currently holds approximately 89.9% stake in Cairo Securities. The bank intends to proceed with the optional delisting procedures from the Egyptian Stock Exchange for Cairo Securities' shares.
In a parallel move, the board of directors of Abu Dhabi Islamic Bank also approved subscribing to the increase in the issued and paid-up capital of Abu Dhabi Islamic Finance Company from EGP 100 million to EGP 200 million, which represents the bank's 98% share in the company's capital.
Consequently, the bank's stake in the finance company will amount to EGP 196 million instead of EGP 98 million. Abu Dhabi Islamic Capital's share will be EGP 2 million, representing 1% of the capital, while Abu Dhabi Finance Company's share will also be 1% of the increased capital.
