CAIRO, June 11 Egypt's Beltone Financial
said on Wednesday its $257 million offer together with
billionaire Naguib Sawiris for a stake in investment bank EFG
Hermes will be withdrawn unless it gets the full 20
percent of shares it wants.
The potential deal, if it goes through, would mark a revival
of interest in Egyptian equities after more than three years of
stagnation following the overthrow of Hosni Mubarak in 2011.
Sawiris is one of Egypt's highest-profile businessmen and
his family own the Orascom group of companies, while EFG Hermes
is one of the biggest investment banks in the Middle East.
"The minimum amount for the buy offer is 20 percent,
otherwise the offer will be cancelled," said Maged Shawky,
Beltone's chief executive said in remarks published in local
newspaper al-Wafd on Wednesday.
Beltone confirmed the Wafd report to Reuters but declined to
give more details.
Last week Beltone and Sawiris's New Egypt fund submitted an
offer to buy 20 percent of EFG but Egypt's Financial Supervisory
Authority said, on Tuesday, that the offer does not currently
meet regulatory requirements.
EFG plan to appoint an Independent Financial Advisor (IFA)
to opine on the fair value of the stock and the fairness of the
offer, upon its approval by EFSA, in order to help shareholders
evaluate its attractiveness, EFG said in a statement on their
"Accordingly, the Board of Directors will commission an IFA
to produce those reports and will announce the results together
with its opinion thereon," it said.
(Reporting by Ehab Farouk; writing by Asma Alsharif, editing by