Monday 30 June 2014

Sawiris say no change to EFG Hermes offer | GulfNews.com

Sawiris say no change to EFG Hermes offer | GulfNews.com:



"Egypt’s Beltone Financial and billionaire Naguib Sawiris said on Sunday they would not change their offer to buy 20 per cent of EFG Hermes investment bank at 16 Egyptian pounds ($2.24) per share.



Beltone and Sawiris’s New Egypt Investment Fund are offering around $257 million for the EFG stake in a bid that could help revive dealmaking in Egyptian equities after three years of stagnation following the overthrow of Honsi Mubarak in 2011.



EFG Hermes, which appointed Cairo-based HC Securities and Investment this month to evaluate the fair value of its shares, said on Saturday an independent financial adviser had set its fair share price at £22.93, higher than the offer by Beltone and Sawiris’s New Egypt Investment Fund."



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