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Al-Tawfiq Leasing approves "Fakt" share at 4.52 pounds
Tawfeeq Leasing Company announced the approval of its fair value at 4.52 Egyptian pounds per share, after deducting minority rights, according to the valuation conducted by the independent financial advisor, "Fact." This came as part of the mandatory tender offer by Bank Al Baraka Egypt, which is being implemented through a share swap at a ratio of 0.1919 Bank Al Baraka shares for each Tawfeeq share. Bank Al Baraka’s valuation was estimated at 26 pounds per share, while Tawfeeq’s was valued at 4.988 pounds. Independent members objected to the 10% discount on the share price, citing lack of justification, and emphasized that the market does not reflect the true value of the companies. The board confirmed that its opinion on the feasibility of the offer is not a recommendation for shareholders, and that the decision remains an independent investment choice for each individual.
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