Cairo - Mubasher: Piraeus Bank Egypt addressed its investors, thus did not respond to the buy offer submitted by Al Ahli Bank of Kuwait, to convert their stocks from the ISIN code in US dollar to Egyptian pound.
The investors will have to submit a request to the brokerage firm or the custodian bank they are dealing with.
The Egyptian Exchange (EGX) will open the OPR market for 10 working days starting from today 29 December to place the sell and buy orders on Piraeus Bank Egypt.
Earlier, the Egyptian Financial Supervisory Authority (EFSA) said it received an obligatory tender offer from Al Ahli Bank of Kuwait to buy the remaining 1.51% stake in Piraeus Bank Egypt.
Following this transaction, Piraeus Bank Egypt would be fully - owned by Al Ahli Bank of Kuwait.
The offer price is $1.47 per share and will be valid for 30 days, starting 29 December.
The offer will be executed through the Egyptian Exchange within 5 days after the expiration of the offer's period.
Last November, Al Ahli Bank of Kuwait acquired 98.5% of Piraeus Bank Egypt for $150 million.
