The Board of Directors of Orascom Financial Holding (OFH) has approved, in principle, the purchase offer from Klivvr Holding to acquire 59.399 million shares, representing 98.99% of the shares of Klivvr for Electronics Development and E-Payments, which are wholly owned by OFH, subject to approval from the Central Bank of Egypt (CBE) and the relevant regulatory authorities.
The target stake in the offer includes 100% of the shares owned by Orascom Financial Holding in Klivvr for Electronics Development and E-Payments, with a total value of EGP 657.71 million, at a rate of EGP 11.0726 per share.
Additionally, OFH has appointed Prime Capital as an independent financial advisor to determine the fair value of the shares of Klivvr for Electronics Development, according to the company’s statement issued today, Thursday.
It is worth noting that the total amount is divided between EGP 558.71 million as the investment cost based on the financial statements as of June, in addition to EGP 98.99 million, representing OFH’s share in the completion of the capital increase for Klivvr for Electronics Development.
