B Investments approves acquisition of 53.5% stake in BIG Investment Group
· Egyptian market news · ARAB
B Investments Holding has approved the acquisition of a 53.5% stake in BIG Investment Group Ltd., which holds a 20.4% stake in Cairo-based urban developer Madinet Masr, as per a disclosure.
Under the proposed share-swap transaction, BIG Investment Group shareholders will receive shares issued through a capital increase in B Investments, subject to applicable regulations.
B Investments’ board also approved mandating the company's chairman or managing director to appoint an independent financial adviser registered with the Financial Regulatory Authority (FRA), if required, and adopted the disclosure report prepared under Article 48 of the EGX Listing Rules.
The company will convene an extraordinary general meeting (EGM) after securing the FRA’s approval.