CAIRO, June 18 Egypt's financial regulator has
approved a $257 million joint bid by billionaire Naguib Sawiris
and Beltone for a 20 percent stake in EFG Hermes
, the watchdog's head, Sharif Samy, said on Wednesday.
EFG Hermes said in a statement that it had appointed
Cairo-based HC Securities & Investment as the independent
financial advisor to judge on the fair value of the stock and
the fairness of the offer.
The bid for a stake in the Egyptian bank could help to
revive dealmaking in Egyptian equities after more than three
years of stagnation following the overthrow of Hosni Mubarak in
A statement from the Egyptian Financial Supervisory
Authority (EFSA) said the offer would stand for 10 working days
after the deal was officially published. It was not immediately
clear when that would happen.
The statement confirmed that Sawiris' New Egypt Investment
Fund would buy 17.82 percent of EFG Hermes, while Beltone
planned to acquire 1.09 percent and investment company Beltone
Capital Holding would acquire another 1.09 percent.
Beltone's stock was up 0.87 percent, while shares in EFG
Hermes were up 2.67 percent at 1247 GMT.
(Reporting by Ehab Farouk; Writing by Stephen Kalin; Editing by
Pravin Charm and Louise Heavens)