CORRECTED-Egypt's regulator approves Beltone-Sawiris bid for EFG Hermes stake

Wed Jun 18, 2014 4:38am EDT

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(Corrects value of bid in first paragraph to $257 million, not $257 billion)

CAIRO, June 18 (Reuters) - Egypt's financial regulator has approved a $257 million joint bid by Beltone and billionaire Naguib Sawiris for a 20 percent stake in EFG Hermes , the head of the Egyptian Financial Supervisory Authority, Sharif Samy, said on Wednesday.

The offer for a stake in one of the largest investment banks in the Middle East could point to a revival of dealmaking in Egyptian equities after more than three years of stagnation following the overthrow of Hosni Mubarak in 2011. (Reporting by Ehab Farouk; Editing by Pravin Char)