Orascom Financial Holding (OFH) has been in the Headlines for the past couple of weeks following an announcement by B Investments (BINV) that they plan to acquire a majority stake of up to 90%, but not less than 51%, in OFH through a mandatory tender offer, using a share swap on a ratio of 1 BINV share for every 56.76 OFH shares. The swap ratio has already been agreed upon by both parties, but the final ratio will be determined after the release of an IFA report. The board of BINV has approved the signing of an agreement with the main shareholder and related parties of OFH, which outlines the general framework for executing the acquisition. Under this agreement, the main shareholder will be required to accept the offer from the potential purchaser. Additionally, the board has authorized the chairman or managing director to sign this agreement.
OFH confirmed that they have received a disclosure from the main shareholder, OTMT Acquisition SARL, which confirms that as the major shareholder and the chairman and board member of OFH have signed an agreement with BINV which commits BINV not to buy less than 51% and not more than 90% of OFH shares. According to the agreement, the main shareholder will be required to accept the offer from BINV. OFH also announced that they will study the offer and present it at the next Board meeting.
All of this information is according to a disclosure sent by BINV and OFH to EGX on teh 18th of June 2023.
On July 19th 2023, Beltone Financial and OFH issued a disclosure sent to the EGX denying rumors of a buying offer by Beltone Financial over OFH through a capital increase
According to Al-Mal News, Mohamed EL Fiky, the Founder and CEO of Sympol for BNPL, has announced that OFH has acquired a minority stake in his startup. However, there has been no official disclosure from OFH regarding the acquisition.
OFH also holds a 29.24% stake in Contact Financial Holding, which is equivalent to 350,088,786 shares. Contact Financial Holding is a listed and traded company on the EGX under the ticker CNFN, and as of the close of the trading session on July 24th, 2023, CNFN shares were priced at EGP 3.65 per share
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