National Bank of Kuwait (NBK) has offered to buy out remaining minority shareholders in AlWatany Bank of Egypt at 77.01 Egyptian pounds ($13.95) a share, Egypt’s Capital Market Authority (CMA) said on Tuesday.
The offer applies to 3.96% of AlWatany shares, which traded on Tuesday at 74.05 pounds.
National Bank of Kuwait now holds 96.04% percent of AlWatany Bank shares after buying most of them in October at the same price of 77.01 pounds, an AlWatany official said.
The price valued AlWatany at $1.02 billion.
The Capital Market Authority said it was studying the “compulsory purchase” request from NBK. Under stock exchange rules, NBK would have to buy any shares that minority shareholders are willing to sell at that price. (Reuters)
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