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EFG rebuts news on plan to sell Credit Libanais

EFG rebuts news on plan to sell Credit Libanais
EFG Holding
HRHO
-2.49% 17.65 -0.45
EFG Hermes Holding has denied news reports it might sell its majority stake in Credit Libanais.
"Credit Libanais bank is important and essential to Hermes, bringing in one-third of our profits in the first half of this year, and therefore (we) do not have any intention to sell our stake in it now," co-CEO Karim Awad told Reuters in a telephone interview late on Monday. His statement came after Egyptian newspaper Al Mal quoted him earlier on Monday as saying EFG Hermes could sell its 65 percent stake for the right price.
It cast the acquisition as a bid to diversify its business and gain a foothold in the Levant region of the eastern Mediterranean.
Earlier in August, Awad had said the third direct investment fund owned by EFG-Hermes Holding was not planning to divest its stake in Sahara Petroleum.
Media reports said EFG began talks with a UK investor to sell its stake in Sahara and hired advisory firm BDO to conduct due diligence in preparation of completing the takeover. Sahara Petroleum has operations in several areas in Southern Desert.