EFG Hermes says Beltone-Sawiris bid 30% below fair share price | GulfNews.com

EFG Hermes says Beltone-Sawiris bid 30% below fair share price | GulfNews.com:



"EFG Hermes said on Saturday an independent financial adviser had set its fair share price at 22.93 Egyptian pounds ($3.21) whereas the price offered by Beltone and New Egypt Investment Fund for a stake in the bank was 30 per cent lower.



The bid for a stake in the Egyptian investment bank could help to revive deal making in Egyptian equities after more than three years of stagnation following the overthrow of Hosni Mubarak in 2011.



EFG Hermes appointed Cairo-based HC Securities & Investment this month to evaluate the fair value of its shares and help shareholders decide whether to accept an offer to acquire a 20 per cent stake in the bank at 16 pounds per share."



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