Egypt's B Investments to acquire 53.5% of BIG Investment Group in share swap

What's the deal? B Investments HoldingDealroom has a profile for this one. Try Dealroom → has approved the acquisition of a 53.5% stake in BIG Investment GroupDealroom has a profile for this one. Try Dealroom →, a firm that holds a 20.4% stake in Cairo-based urban developer Madinet MasrDealroom has a profile for this one. Try Dealroom →. Terms were not disclosed.

How it works: Under the proposed share-swap transaction, BIG Investment Group shareholders will receive shares issued through a capital increase in B InvestmentsDealroom has a profile for this one. Try Dealroom →, subject to applicable regulations.

What's next? B Investments' board mandated its 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. It will convene an extraordinary general meeting after securing the FRA's approval.

The signal: The deal deepens B Investments' exposure to Egypt's real estate market through BIG Investment Group's stake in Madinet Masr, tying its growth to one of the country's active urban developers.

Read more: zawya.com

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