Dallah Albaraka Holding Company made an offer to acquire additional 22.62% stake in Al Baraka Group B.S.C. (BAX:BARKA) for $84.3 million on June 19, 2023. The offer price is $0.30 cash per share. Prior to this transaction, Dallah Albaraka Holding held approximately 54.75% stake in Al Baraka Group. The cash for the offer will be financed through Dallah's internal resources. The offeror confirms that, should the offer achieve the threshold of valid acceptances representing at least 90% or more of the ABG shares subject to the offer, it will not be exercising its squeeze-out right to buy any ABG shares owned by dissenting shareholders. The transaction has been approved by the board of Dallah and also received no objection from the CBB. The transaction is subject to the receipt of EGM approval from the ABG shareholders, CBB approving Dallah?s proposed increase in its shareholding in ABG as a controller of ABG and confirmation from Bahrain Bourse that it has no objection to the conversion and delisting of ABG.

SICO B.S.C. acted as financial advisor and Trowers & Hamlins LLP and Hassan Radhi & Associates acted as legal advisors of Dallah Albaraka.