Al Tawfeek Leasing Board Approves Due Diligence Access for Al Baraka Bank Egypt
The board of directors of Al Tawfeek Leasing Company has approved granting Al Baraka Bank Egypt and its advisors access to the company’s data and documents required to conduct a due diligence review, following the Financial Regulatory Authority’s (FRA) approval for the bank to begin the examination process.
In a disclosure filed with the Egyptian Exchange, the company stressed that access to documents remains strictly subject to confidentiality and data protection rules, in full compliance with the regulatory and legal framework governing the financial leasing sector.
Al Tawfeek clarified that this approval does not constitute acceptance or endorsement of Al Baraka Bank’s potential intention to submit a mandatory tender offer (MTO) for the company’s shares, nor does it create any legal or financial obligations on Al Tawfeek.
The company added that any future steps related to a takeover bid remain conditional upon approvals from the relevant internal authorities and the FRA, emphasizing that the decision is limited solely to enabling the due diligence process without establishing future rights or commitments.
Notably, the FRA has recently approved Al Baraka Bank Egypt’s request to extend the validity period of its intention to submit a mandatory tender offer for Al Tawfeek Leasing.