Eskan Bank, a prominent Bahraini provider of housing financing, announced the acquisition of 18,084,542 units, representing a 9.1 per cent stake, in Eskan Bank Realty Income Trust (EBRIT) through a two-part transaction.

The bank will take possession of the tendered units by July 11, 2024, with settlements paid to unit holders on the same date, according to a company statement.

Earlier in May, Eskan Bank launched a voluntary partial offer for EBRIT units, Bahrain’s first publicly traded real estate investment trust (REIT). The structured offer consisted of two tranches: In tranche one, the bank sought to acquire up to 50,000 units from each unitholder at a price of 0.100 fils ($0.27) per unit. Tranche two targeted remaining unitholders, with Eskan offering to purchase up to 1,200,000 units each at 0.060 fils per unit.

The total offer by Eskan Bank encompassed up to 34,710,831 EBRIT units. The offer period remains open until the secondary offer’s closing date of July 31, 2024.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).