El Mallawany: Planet Offer Not Rejected, But Must Get EFSA Approval If Serious

Yasser El Mallawany, CEO of EFG-Hermes Holding, has denied selling all his investments in the Egyptian market.

“EFG-Hermes Group has sold some of its activities. The outcome shall be in the form of capital raise for the Group.” Mallawany added

El Mawallany said EFG-Hermes had not refused Planet IB’s buyout deal as the Group is still receiving all the buyout offers to be reviewed after the Egyptian Financial Supervisory Authority (EFSA)’s approvals.

“If Planet IB has an earnest willing to present a buyout offer for EFG-Hermes. It should first present it to the EFSA. EFG-Hermes would study the offer afterwards.”

Worth mentioning that An official source said that general prosecutor approved referring Ayman Fathy Hussein Soliman, Ahmed Fathy Hussein Soliman, Yasser Soliman El Malawany, Ahmed Naeem Ahmed Badr, Hassan Mohamed Hassanein Heikal, Gamal Mubarak, Alaa Mubarak (sons of ousted president Hosni Mubarak), Amr Mohamed El Qady and Hussein Lotfy EL Sherbiny to Cairo Criminal Court on charges of graft in selling Al Watany Bank of Egypt (AWB).

Prosecution’s investigations revealed that the defendants got EGP 2,051,028,648 and that they violated laws of capital market and Central Bank of Egypt through buying a controlling stake in AWB from young investors through closed investment funds and selling them without informing the Egyptian Exchange (EGX).