EFG Hermes board approves Credit Libanais stake sale for $33/share

Big 5

Egypt-based investment bank, EFG Hermes announced in a statement Thursday its board of directors had approved the sale of a 40 percent stake in Credit Libanais for $33 per share.

It said the shares would be sold to Arab and Lebanese investors and is subject to approval from Lebanon’s central bank. EFG Hermes also expects the deal to be complete next June 30.

EFG Hermes has a 63.7 percent stake in Credit Libanais, according to its website.