Egypt-based Orascom Investment Holding (OIH) has announced acquiring 30% (or about 216 mn shares) of structured- and consumer-finance player Sarwa Capital, Invest-Gate reports.

The cost of the transaction stands at EGP 1.59 bn, or EGP 7.36 per share, OIH said in a bourse filing, adding execution of the transaction will leave Sarwa with a free float of 7%.

OIH first launched the tender on November 27, after winning approval from the Financial Regulatory Authority to seek a non-controlling stake in the structured- and consumer-finance player.

The conglomerate said it could either acquire 30% (or 216 mn shares), at a price of EGP 7.36 per share, or between 20-30% (144-216 mn shares), at a lower price of EGP 6.62 a share.

Orascom Chief Executive Tamer El Mahdi told Reuters at the time that Sarwa’s market price per share was very attractive and that Orascom had the liquidity to make the acquisition.