The total offered shares in the voluntary tender offer made by businessman Naguib Sawiris and Beltone Financial Holding for a 20% stake in EFG-Hermes amounted to nearly 18.5 million shares till Thursday; one day before the expiry of the tender offer’s validity. These shares represent 16% of the deal’s value.
EFG-Hermes Holding announced on June 26 that the voluntary tender offer received from New Egypt Investment Fund and Beltone Financial for 20% stake in the company was extended till Sunday, July 6 instead of Thursday July 3.
The move came after the Egyptian Exchange (EGX) announced that it will officially close on Tuesday, July 1.
Egyptian Financial Supervisory Authority (EFSA) had announced that the voluntary tender offer received from businessman Naguib Sawiris and Beltone Financial Holding for a 20% stake in investment bank EFG-Hermes at EGP 16 per share will start on June 22.
The market regulator approved the offer submitted by Sawiris-Beltone alliance to acquire 20% of EFG-Hermes at EGP 16 per share. EFSA Head Sherif Samy said the bidders stipulate that they shall fully acquire the stake in order to complete the deal.