Esterad Investment Company BSC (BAX:ESTERAD) signed a non-binding letter of intent to acquire Venture Capital Bank for BHD 1.2 million on November 29, 2021. The deal is subject to satisfactory legal and financial due diligence, obtaining the relevant regulatory approvals, and the approvals of Venture Capital's and Esterad's Shareholders. Esterad Investment Company Expects the transaction to have a positive impact on the company's financial position in the medium term and to develop new financial and commercial activities for the company. As of March 13, 2022, Esterad Investment shareholders approval is sought to issue up to 9,300,000 new ordinary shares of the Company, at a price of BHD 0.245 each, to shareholders of “VCB”, or any other entity as may be agreed upon with VCB. in exchange for their residual shareholding in VCB, in order to acquire up to 100% interest in VCB, subject to the approval of the Central Bank of Bahrain (CBB), Ministry of Industry, Commerce & Tourism (MOICT) and VCB shareholders approving the proposed transaction in their EGM. Such issuance of new ordinary share of the Company will dilute existing shareholders by c. 6.2291%. The transaction has been approved by board of Esterad. As of March 30, 2022, Esterad shareholders approved the transaction. The transaction is expected to close in the second quarter of 2022.

KPMG Corporate Finance is providing financial due diligence, Baker & McKenzie LLP and Elham Ali Hassan & Associates is providing detailed legal due diligence to Esterad Investment Company BSC.

Esterad Investment Company BSC (BAX:ESTERAD) completed the acquisition of Venture Capital Bank on November 7, 2022.