Egypt's financial regulator has approved a $257m joint bid by billionaire Naguib Sawiris and Beltone for a 20 percent stake in EFG Hermes, the watchdog's head, Sharif Samy, said on Wednesday.
EFG Hermes said in a statement that it had appointed Cairo-based HC Securities & Investment as the independent financial advisor to judge on the fair value of the stock and the fairness of the offer.
The bid for a stake in the Egyptian bank could help to revive dealmaking in Egyptian equities after more than three years of stagnation following the overthrow of Hosni Mubarak in 2011.
A statement from the Egyptian Financial Supervisory Authority (EFSA) said the offer would stand for 10 working days after the deal was officially published. It was not immediately clear when that would happen.
The statement confirmed that Sawiris' New Egypt Investment Fund would buy 17.82 percent of EFG Hermes, while Beltone planned to acquire 1.09 percent and investment company Beltone Capital Holding would acquire another 1.09 percent.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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