BQAD.L Regulatory News (BQAD)

30 Jan 2006 18:21

Bank Audi SAL- Audi Saradar Group30 January 2006 PRESS RELEASE Bank Audi sal - Audi Saradar Group hereby announces that it has receivedcommitments from shareholders of Cairo Far East Bank SAE, operating in Egypt, tosell to it shares representing 89% of the bank's total shares at the price ofUS$ 35.65 per share. Bank Audi intends to launch a tender offer to buy theremaining 11% shares listed on Cairo and Alexandria Stock Exchange. The total aggregate purchase price expected to be paid by Bank Audi (assumingthe purchase of all the shares of the Bank) would be US$ 94 million. Bank Audi was advised by EFG-Hermes Investment Banking on this transaction. Closing of the transaction is subject to approvals by both the Central Bank ofEgypt and the Central Bank of Lebanon. Beirut, January 30th, 2006 This information is provided by RNS The company news service from the London Stock Exchange