Sunday, Jul 30, 2006
(With percentage of shares bought and price)
CAIRO (Zawya Dow Jones)--Egypt's Delta International Bank said Sunday that Bahrain's Al Ahli United Bank had bought an 80.85% stake in the Egyptian bank.
A statement on the Cairo and Alexandria Stock Exchanges said shareholders who together have a 80.85% holding had sold their stake to Al Ahli United Bank at 37 Egyptian pounds a share ($6.47).
Earlier, a spokesperson for Delta International Bank told Dow Jones Newswires a number of existing shareholders had sold their shares to Al Ahli United Bank, but didn't specify a percentage or a price.
The Cairo and Alexandria Stock Exchanges resumed trading on shares of Delta International Bank Sunday after suspending the bank for a time and asking it to clarify a news report that said Al Ahli United Bank had won a take-over deal.
Delta International Bank said July 10 that if Al Ahli United Bank acquired all of its shares at the price of 37 Egyptian pound a share for 50 million shares, the deal would be worth EGP1.85 billion.
-By Maha El Dahan; Dow Jones Newswires; +201 22267850; mahaeldahan@yahoo.com
(END) Dow Jones Newswires
07-30-06 1024ET
Copyright Zawya Dow Jones Newswires 2006
