Cairo – Mubasher: Al Ahli Bank of Kuwait ( ABK) said it submitted a request to the General Authority for Investment and Free Zones (GAFI) to secure its approval regards its acquisition of 100% of Piraeus Bank Egypt.
Around 7.4% or 117,150 stocks owned by Piraeus ‘investors has accepted the Kuwait’s lender offer to buy 1.56 million stocks of Piraeus Bank Egypt at offer price of $1.47 per share.
Following this transaction, Piraeus Bank Egypt would be fully - owned by Al Ahli Bank of Kuwait.
Last November, Al Ahli Bank of Kuwait acquired 98.5% of Piraeus Bank Egypt for $150 million.
