Bahrain-based Dallah AlBaraka Holding Co. said on Wednesday it has a firm intention to make an offer to acquire up to 22.62% shares of Al Baraka group B.S.C (ABG) for a total value of $84.3 million.
The value of the cash offer is $0.30 for each ABG share.
The cash for the offer will be sourced via Dallah's internal resources, it said in a regulatory filing on the Bahrain Bourse.
Following the acquisition, ABG will be delisted from the Bahrain Bourse as it will better serve ABG's long term objectives, Dallah said.
Dallah's ownership in ABG may increase up to 100% including shares held by Dallah and the other connected ABG shareholders, who are not eligible to participate in the offer, it added.
(Reporting by Brinda Darasha; editing by Seban Scaria)