Beltone, Sawiris may acquire smaller EFG-Hermes stake | Beltone, Sawiris may acquire smaller EFG-Hermes stake -
beltone-financial

Beltone, Sawiris may acquire smaller EFG-Hermes stake

: Monday, July 07 - 2014 @ 03:19

Egypt’s Naguib Sawiris and Beltone Financial Holding are considering the purchase of a 9.5% stake in EFG-Hermes Holding, after attempts to buy more than twice that holding failed, Bloomberg has reported. Owners of about 54.4 million EFG-Hermes shares agreed to sell by market close today in Cairo, well below the 114.7 million Sawiris and Beltone sought, according to the Egyptian Exchange. EFG-Hermes rose 1.1% to EGP15.42, taking its increase since the deal was announced on June 5 to 17%. The joint bid, for which a 10 business-day implementation period expired on Sunday, was for EGP16 a share. Sawiris and Beltone must seek additional regulatory approval if they decide to buyout the EFG-Hermes holders who accepted their offer, Osama Rashad, head of Beltone investor relations, told the news service.

Today's Top Stories

Posted by

Monday, July 7- 2014 @ 3:19 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

AME Info Services







Business DirectoryVIEW ALL

Search by name

Search by industry

Browse alphabetically





JobsVIEW ALL

Search for jobs

Latest Jobs