CAIRO: EFG Hermes said yesterday an independent financial adviser had set its fair share price at 22.93 Egyptian pounds ($3.21) whereas the price offered by Beltone and New Egypt Investment Fund for a stake in the bank was 30 percent lower.
The bid for a stake in the Egyptian investment bank could help to revive dealmaking in Egyptian equities after more than three years of stagnation following the overthrow of Hosni Mubarak in 2011.
EFG Hermes appointed Cairo-based HC Securities & Investment this month to evaluate the fair value of its shares and help shareholders decide whether to accept an offer to acquire a 20 percent stake in the bank at 16 pounds per share.
Beltone and Egyptian billionaire Naguib Sawiris are offering around $257m for the EFG stake.
Reuters
