B Investments Holding obtained the approval of the Financial Regulatory Authority (FRA) to acquire 90% of the capital of Orascom Financial Holding (OFH).

The transaction will be implemented through a stock exchange without the cash option, according to a bourse filing.

B Investments plans to purchase up to 4.24 billion shares of Orascom’s capital after excluding treasury shares, which represent 1.64% of the total shares of the company’s capital.

It will also issue shares to increase its capital up to 74.85 million shares and allocate the increased shares to Orascom’s shareholders.

In January, shareholders of B Investments greenlighted a capital hike to EGP 1.17 billion from EGP 800.12 million to proceed with the acquisition process.

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