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Bahrain’s Eskan Bank has acquired 18,084,542 or 9.1% of Eskan Bank Realty Income Trust (EBRIT) units as part of a two-tranche transaction.
The units accepted in the initial offering shall be transferred to Eskan Bank and settlement to unitholders will be paid by 11 July 2024, a statement read.
In May, the Bahraini lender had tendered a voluntary partial offer to the unitholders of EBRIT, Bahrain’s first public Real Estate Investment Trust (REIT), to acquire units by way of a two-tranche transaction of purchasing up to 50,000 units from each unit holder at the purchase price of 0.100 Bahraini dinar ($0,27) per unit in Tranche 1 and up to 1,200,000 units from each remaining unitholder at BD 0.060 in Tranche 2.
Eskan Bank’s voluntary offer extended to the purchase of up to 34,710,831 units of EBRIT, with the offer period extended as per the Secondary Offer closing date of 31 July 2024.
(Writing by Bindu Rai, editing by Seban Scaria)
