Ahli United offers to buy rest of Egyptian unit
Manama, April 26, 2010
Bahrain's Ahli United Bank said on Monday it will offer 37 Egyptian pounds a share to buy out minority shareholders in its Egyptian subsidiary.
In January, AUB raised its stake in Ahli United Bank Egypt to 79.6 per cent from 35.5 per cent for about $180 million.
On Monday, the Bahraini lender said the offer to minority shareholders was to comply with Egyptian regulations. It said the price per share offered equalled its previous offer, according to a regulatory filing to the Bahrain Stock Exchange.
The lender said it expected Egyptian regulators to approve the offer within the coming days.-Reuters