AAIB Initially Approves To Finance Planet-Hermes Buyout Deal

Planet IB Consortium has gained an initial approval of Arab African International Bank (AAIB) to arrange a loan to finance part of EFG-Hermes Holding Company – (HRHO.CA) acquisition deal.

We showed readiness to arrange the loan in case of deal existence adding that we didn’t start studying the loan, an official from the bank told Alborsa newspaper.

When asked about commitments of providing the loan, he said “NO”.

It is worth noting that, the consortium is seeking to collect around $ 700 million loans, in addition to around $ 400 million ownership rights of institutions and investors including Naguib Sawiris.