B Investments Holding S.A.E. (CASE:BINV) made a bid to acquire 90% stake in Orascom Financial Holding S.A.E. (CASE:OFH) from Otmt Acquisition S.à R.L. and others for EGP 1.5 billion on June 15, 2023. The board of B Investments approved to sign an agreement with the main shareholder (and related parties) of Orascom Financial outlining the general framework for executing the acquisition, and under this agreement the main shareholder will be required to accept the offer and the chairman or the managing director has been authorized to sign this agreement. The exchange ratio is 0.017618. The transaction will be conducted via a share swap ratio of 1 share of B Investments' for 56.76 shares of OFH. The tender offer has a minimum threshold of 51%. B Investments will be increasing the issued share capital in light of the proposed transaction, to be approved by the Extraordinary General Assembly. B Investments board of directors approved the transaction. As of September 21, 2023, the Financial Regulatory Authority (FRA) has granted a 60-day extension to submit a mandatory purchase offer (MTO) for Orascom Financial Holding. In February, the Financial Regulatory Authority (FRA) approved B Investments? acquisition of 90% of the capital of Orascom Financial Holding. As of April 8, 2024, the offer period was extended until the end of trading day on April 17, 2024.

Yasser Hashem, Helal El Hossary and Soha Elezaby of Zaki Hashem & Partners acted as legal advisor to B Investments Holding. Prime Capital, the investment banking division of Prime Holdings, has concluded its role as an independent financial advisor to board of Orascom by determining the fair value of Orascom Financial Holding and B Investments.

B Investments Holding S.A.E. (CASE:BINV) completed the acquisition of 90% stake in Orascom Financial Holding S.A.E. (CASE:OFH) from Otmt Acquisition S.à R.L. and others on April 17, 2024.