Shareholders of Egyptian investment bank EFG-Hermes voted on Saturday against a group of investors seeking to buy the bank, but the investors will appeal to Egypt's regulator to suspend the decision, the group targeting the bank said.
The group, called Planet IB, said it intended to offer 13.50 Egyptian pounds ($2.23) per share to buy the Cairo-based investment bank, Egypt's biggest. Shares in EFG closed at 10.99 pounds on Thursday, the last day of Egypt's trading week.
EFG shareholders voted to go ahead with an earlier plan to form a joint venture with Qatar's QInvest that would give the Qatari firm control over EFG's main business, Planet's chairman, Mahmoud Abdel Latif, told Reuters.
No comments:
Post a Comment