UPDATE 1-Buy-out group says Sawiris still backs EFG bid | Reuters

Egyptian billionaire Naguib Sawiris is still backing an attempted buy-out of investment bank EFG Hermes, the head of the bid consortium said on Tuesday, denying talk that Sawiris planned to withdraw.

An EFG source told Reuters earlier that Sawiris would step aside because EFG shareholders had backed an alternative tie-up with Qatar's QInvest.

"Mr. Naguib Sawiris remains a financial backer of Planet IB's intended bid to acquire 100 percent of EFG Hermes Holding," said Ahmed El-Houssieny, Planet's chief executive.

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