Egypt's financial regulator has approved a US$257 million joint bid by Beltone and billionaire Naguib Sawiris for a 20 % stake in EFG-Hermes, Chairman of the Egyptian Financial Supervisory Authority, Sharif Samy announced on Wednesday. Samy told Amwal Al Ghad that all the required documents have been collected by the bidders, notably the guaranteeing paperwork that ensures the seriousness and solvency of the purchase offer financially and technically. EFSA announced earlier that New Egypt submitted an optional purchase offer to acquire a 17.8% stake in Hermes, whereas Beltone Financial and Beltone Capital Holding seek a 1.09% stake each, whether in shares or global depository receipts (GDRs), valued at EGP 16 per share. EFG-Hermes is one of the biggest investment banks in the Middle East, and a deal to buy a major stake in it would be seen as a sign of revival in Egypt's equity market after years of depressed activity since the 2011 revolution.
