MIDEAST STOCKS-Egypt jumps on Beltone offer for EFG Hermes stake, Qatar bounces | Agricultural Commodities | Reuters:
"Egypt's bourse led gains in the region on Thursday after several investors represented by Beltone Financial Holding offered to buy a large stake in EFG Hermes, the country's biggest investment bank.
The Cairo index jumped 4.7 percent in its biggest daily gain since July 2013, when the market was celebrating the ouster of Islamist president Mohamed Mursi. EFG Hermes surged 7.1 percent to 14.48 pounds and all constituent stocks were up.
Shares in Beltone, which offered to buy a 20 percent stake in EFG Hermes on behalf of a group of investors at 16.00 pounds per share, soared their daily limit of 10.0 percent. The stock is not part of the main index.
Beltone said it would take 1 percent of EFG Hermes, but did not say who the other investors were. Sources told Reuters they included Egyptian billionaire Naguib Sawiris."
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