Billionaire Sawiris Takes Second Shot at Buying EFG-Hermes Stake - Bloomberg:
"Egypt’s markets regulator is giving billionaire Naguib Sawiris a shot at fulfilling a promise to reinvest in his home country under the new political leadership.
The Egyptian Financial Supervisory Authority said yesterday it approved a 1.83 billion Egyptian pound ($256 million) offer by Sawiris and Cairo-based Beltone Financial Holding to buy about 20 percent of EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank. EFG-Hermes, also based in Cairo, rose 2.3 percent to 15.35 pounds yesterday, taking its gains since Sawiris’s June 5 offer to 17 percent.
It marks his second attempt to buy a stake in EFG-Hermes after the bank’s shareholders opted for a tie-up with Qatar’s QInvest LLC at the time of his first bid two years ago. EFG-Hermes’s merger plans with QInvest also failed after the banks failed to win approval from the regulator, known as EFSA."
'via Blog this'
No comments:
Post a Comment