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 55 million shares at the close of the tender offer’s validity today, which represent 47.95% 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.
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.
Sources told Mubasher exclusively that this is a positive signal for the success of the tender offer, adding that investors usually wait till the last day of tender offers and public offerings to subscribe to offered shares.
The success of the tender offer is expected to trigger foreign investments inflows to Egypt by more than $230 million, which will bolster the country’s forex reserves.
HC Securities had set EFG fair value at EGP 22.93, which is higher than the price set in the tender offer.