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Egypt's Beltone, Sawiris bid for EFG Hermes stake attracts less than sought - traders
July 6, 2014 / 12:11 PM / 3 years ago

Egypt's Beltone, Sawiris bid for EFG Hermes stake attracts less than sought - traders

CAIRO, July 6 (Reuters) - Egypt’s Beltone Financial and billionaire Naguib Sawiris were offered 48 percent of the shares they were seeking for a 20-percent stake in investment bank EFG Hermes, traders said on Sunday, the last day of the offer period.

Beltone and Sawiris’s New Egypt Investment Fund had offered around $257 million for the EFG stake at 16.00 Egyptian pounds ($2.24) per share, but an independent financial advisor set the fair share price at 22.93 pounds.

Traders said the bid consortium attracted offers for 54.4 million shares at 16.00 pounds. ($1 = 7.1501 Egyptian Pounds) (Reporting By Ehab Farouk; Writing by Shadia Nasralla)

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