Egypt’s market regulator chief announced Thursday receiving a received a voluntary tender offer to buy 20%  stake of EFG-Hermes from Beltone Financial Holding and a group of investors.

Sherif Samy – Chairman of the Egyptian Financial Supervisory Authority (EFSA) told Amwal Al Ghad that Beltone is looking forward to acquiring 1% a stake of EFG-Hermes, while the group of investors will take over the remaining stake of the 20%,

The offer was made at a price of EGP 16 per local share or GDR, totaling EGP 1.8 billion, Samy noted.
EFG Hermes is one of the biggest investment banks in the Middle East, and a deal to buy a major stake in it would be seen as a sign of revival in Egypt’s equity market after years of depressed activity since the 2011 revolution.

Beltone (BTFH.CA) is one of Egypt’s leading financial institutions, with 17 subsidiaries specialized in investment, asset management, and underwriting.

It was reported earlier on Thursday that 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.