Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's EFG Hermes says Beltone-Sawiris bid 30 pct below fair share price
Financial advisor sets EFG-Hermes share price at LE22.93, as opposed to LE16 per share offered by consortium bidding for 20% of investment bank
Reuters Published in Ahram Online on 28 - 06 - 2014

EFG Hermes said on Saturday 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.
"We see that the price offered... is less than the fair value of the share," EFG Hermes said in a statement.
Beltone and Egyptian billionaire Naguib Sawiris are offering around $257 million for the EFG stake, with the offer document stating that EFG will also be granted the chance to take over the financial group that owns 17 companies specialising in investment and asset management activities among other operations.
EFG Hermes has said it does not consider it "economically viable" to accept the proposal to acquire Beltone Group, including Beltone Financial Holdings and Beltone Financial for Formation and Management of Portfolios and PE Funds.
"Now it is difficult for the deal to succeed," said Karim Abdel Aziz, equities funds manager at the National Bank of Egypt. "The fair price is a lot higher than the Sawiris-Beltone offer."
The offer was initially to run until July 3, but the financial regulator said after close of trading on Thursday that it had no objection to extending it until July 6 given that next Tuesday the stock exchange will remain closed.
EFG Hermes in 2012 agreed on a deal with Qatar's QInvest to spin off part of its assets to create an investment bank with operations spanning the Middle East, Africa and Turkey. But the deal fell through as did another previous Sawiris-backed offer.
EFG Hermes is one of the Middle East's biggest investment banks, with operations in Egypt, Saudi Arabia, the United Arab Emirates, Kuwait, Jordan, Lebanon, Oman and Qatar.
The government of Dubai owned 11 percent of EFG Hermes as of the end of March, making it the biggest shareholder, according to Thomson Reuters data. EFG has a free float of about 67 percent.
The bid-offer submitted to Egypt's financial regulator said that New Egypt Investment Fund would buy 17.82 percent of EFG Hermes, while Beltone planned to acquire 1.09 percent and Beltone Capital Holding would acquire another 1.09 percent.
EFG Hermes shares closed at 15.35 Egyptian pounds on Thursday, down 0.3 percent.
http://english.ahram.org.eg/News/104981.aspx

Clic here to read the story from its source.