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Egypt's Beltone/Sawiris say no change to EFG Hermes offer
June 29, 2014 / 12:11 PM / 3 years ago

Egypt's Beltone/Sawiris say no change to EFG Hermes offer

CAIRO, June 29 (Reuters) - 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.

EFG Hermes said on Saturday an independent financial adviser had set its fair share price at 22.93 pounds, higher than the price offered 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. (Reporting by Asma Alsharif; Editing by Andrew Heavens)

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