Egyptian billionaire Naguib Sawiris is helping finance a takeover bid for Egypt's biggest investment bank EFG Hermes that would ensure the company is not broken up, the bid consortium said on Friday.
Planet IB, the group of Gulf investors and bankers behind the bid move, is led by financial industry interests including Chief Executive Ahmad al-Husseiny, who until last month was managing director of Egypt-based private equity firm Citadel Capital.
The move comes as EFG, whose market value has more than halved to less than $870 million since the national uprising that ousted President Hosni Mabarak last year, is in the process of forming a joint venture with Qatar's QInvest that would give the Qatari firm control over its main business.
No comments:
Post a Comment