9% Of Hermes Shareholders Offer To Sell Their Stocks In Beltone-Sawiris Bid; EGX

Egypt’s Beltone Financial (BTFH) and billionaire Naguib Sawiris were offered shares by 9% of the shareholders in investment bank EFG Hermes (HRHO), Stock exchange chairman Mohamed omran said.

Omran added that by the end of the optional tender offer on Sunday, the total offered shares were 54,431,076 million shares which represent 48 % of the shares that Beltone and Sawiris’s New Egypt Investment Fund were seeking worth 114,696,900 million shares.

He added that if the bid consortium wants to buy the offered amount, they must obtain the approval of Egyptians financial supervisory authority (EFSA).

The bid consortium is meeting to discuss whether to agree to buying the offered amount or not, and discussing the different scenarios whether they acquired the stake or not, said Osama Rashad, Investor Relations Manager

Beltone and Sawiris’s New Egypt Investment Fund had offered around $257 million for the EFG stake at LE 16.00 ($2.24) per share, but an independent financial advisor set the fair share price at LE 22.93 .

Source: Shorouk Newspaper & Arab Finance