Beltone-Sawiris bid for EFG Hermes stake approved
Egypt’s financial regulator has approved a US$257 million joint bid by Cairo-based investment firm Beltone Financial and Egypt’s billionaire businessman Naguib Sawiris for a 20 percent stake in Egyptian investment bank EFG Hermes Holding, Hanzada Nessim, head of investor relations at EFG told Mada Masr via telephone today.
EFG Hermes has appointed the Cairo-based HC Securities & Investment as an independent financial advisor “to help shareholders identify the fairness of the offer,” Nessim said.
EFG Hermes is the biggest publicly traded Arab investment bank and is listed on both the Egyptian Exchange and London Stock Exchange.
In an email statement on Monday, Sawiris promised that more investments would be forthcoming. “In the next period we would be looking at other investments in various sectors in Egypt, and we expect a lot of activity in this market as the country is moving closer to stability and to completing its steps towards democratic transformation."
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