CAIRO, June 29 Egypt's Beltone Financial and
billionaire Naguib Sawiris said on Sunday they would not change
their offer to buy 20 percent of EFG Hermes investment bank at
16 Egyptian pounds ($2.24) per share.
Beltone and Sawiris's New Egypt Investment Fund are offering
around $257 million for the EFG stake in a bid that could help
revive dealmaking in Egyptian equities after three years of
stagnation following the overthrow of Honsi Mubarak in 2011.
EFG Hermes, which appointed Cairo-based HC Securities and
Investment this month to evaluate the fair value of its shares,
said on Saturday an independent financial adviser had set its
fair share price at 22.93 pounds, higher than the offer by
Beltone and Sawiris's New Egypt Investment Fund.
"The consortium of New Egypt Investment Fund and Beltone
Financial announce ... that they have no intention to change the
offer price for the shares," they said in a joint statement on
"We see the offered price per share as a fair price," the
EFG Hermes is one of the Middle East's biggest investment
banks, with operations in Egypt, Saudi Arabia, the United Arab
Emirates, Kuwait, Jordan, Lebanon, Oman and Qatar.
The government of Dubai owned 11 percent of EFG Hermes as of
the end of March, making it the biggest shareholder, according
to Thomson Reuters data. EFG has a free float of about 67
The offer submitted to Egypt's financial regulator said that
New Egypt Investment Fund would buy 17.82 percent of EFG Hermes,
while Beltone planned to acquire 1.09 percent and Beltone
Capital Holding would acquire another 1.09 percent.
(Reporting by Asma Alsharif; Editing by Andrew Heavens and