EGX: Beltone-Sawiris bid for 20% in EFG-Hermes Starts today

Egypt’s stock exchange (EGX) announced that the voluntary tender offer by businessmen Naguib Sawiris and Beltone Financial Holding for a 20% stake in EFG-Hermes will start today, June 22.

A joint bid made by New Egypt, Beltone Financial Holding and Beltone Capital Holding seek a 20% stake in EFG- The tender offer will run for ten business days till July 3, 2014.

The tender offer will be executed within the five business days at most after the bid expiry.

On June 19th, Egypt’s financial regulator chief Sherif Samy announced that the Egyptian Financial Supervisory Authority (EFSA)  approved a US$257 million joint bid by Beltone and billionaire Naguib Sawiris for a 20 % stake in EFG-Hermes.