Bahrain’s Ahli United Bank has increased its stake in Ahli United Bank Egypt to 85.1 percent from 79.6 percent, Egypt’s bourse said on Tuesday.
The Bahraini bank, which has sought to boost its stake to 90 percent in an offer that began on June 1, bought 3.3 million shares at LE 37 ($6.68) each. The deal was worth LE 122.6 million.
"The bank announces that it is its intention to delist the target bank from the Egyptian Exchange after the execution of the purchase operation," the Bahrain bank said in its filing document released by the exchange in June.
The shares it sought to buy comprised a 5.1 percent stake held by its subsidiaries in Qatar and Iraq, 1.2 percent of the shares in free float on the market and a 4.2 percent stake owned by the Arab Investment Corporation, the statement said.
The International Finance Corporation, which had earlier indicated it wanted to retain its shareholding, owns 10 percent of the bank.
