Egypt’s Financial Regulatory Authority (FRA) said that Abu Dhabi Commercial Bank (ADCB) is not obliged to make a mandatory tender offer (MTO) to acquire a 96.64% stake in Union National Bank – Egypt (UNBE).
ADCB will not make an MTO to purchase 254.52 million of UNBE’s shares, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
It is noteworthy that the Central Bank of Egypt (CBE) previously approved ADCB’s request for acquiring a 96.64% stake in UNBE.
Earlier, the board of directors of UNBE approved the voluntary delisting of the bank’s shares listed on the Egyptian bourse.
The decision is still pending approval of the extraordinary general meeting (EGM).
During the first half of 2019, UNBE logged a profit of EGP 191.4 million, compared to EGP 136.207 million in the year-ago period.