Beltone, Sawiris say EFG Hermes offer is ‘fair’

June 30, 2014 5:47 am

Egypt’s Beltone Financial and billionaire Naguib Sawiris’ New Egypt Investment Fund have said they would not change their offer to buy 20% of EFG Hermes investment bank at EGP16 ($2.24) per share, Reuters has reported. The two firms are offering around $257m for the EFG stake in a bid that could help revive dealmaking in Egyptian equities after three years of stagnation following the overthrow of Honsi Mubarak in 2011. “We see the offered price per share as a fair price,” the two companies said.