After presenting a joint offer with Beltone Financial Holding for 20% equity stake in EFG-Hermes, Egyptian Billionaire Naguib Sawiris commented “this is our first big investment into Egypt after having announced my intentions to invest heavily in the country.”
“In the next period we would be looking at other investments in various sectors in Egypt, and we expect a lot of activity in this market as the country is moving closer to stability and to completing its steps towards democratic transformation,” He added
Sawiris said he’s not at liberty to disscuss the transaction because the bid is under review by the Egyptian Financial Supervisory Authority (EFSA). However, He considered the offer a vote of confidence in the young management team of EFG-Hermes.
Beltone Financial and a group of investors including Egyptian billionaire Naguib Sawiris are seeking to acquire a 20 % stake in Egyptian investment bank EFG Hermes.
Beltone announced it had offered to buy 20 % of shares in investment bank EFG Hermes at EGP 16 (US$ 2.24) per share totalling EGP 1.835 billion.