EFG-Hermes Holding said, in a bourse statement Thursday that it will cancel the sale of 37 million shares in its capital, which are owned by a subsidiary.

The move came after Goldman Sachs promoted the sale but offered prices were below EFG’s expectations.

EFG had planned the share sale in implementation of the rules of the Egyptian Financial Supervisory Authority (EFSA) as regards keeping treasury shares.

The share sale could have provided required financing for accelerating the pace of planned expansions, EFG said.

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