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Egypt's EFG Hermes divests majority stake in Credit Libanais

Egypt's EFG Hermes divests majority stake in Credit Libanais
EFG-Hermes headquarters (Photo Credit: Reuters)
EFG Holding
HRHO
-2.49% 17.65 -0.45

Cairo – Mubasher: Egypt’s EFG-Hermes Holding completed selling off a 40% stake in Credit Libanais Bank after getting all regulatory approvals, a press release indicated.

Earlier, EFG Hermes requested for the approvals of the Lebanese central bank to proceed with selling 9.408 million shares. It also entered into an irrevocable underwriting agreement to sell its remaining, indirectly-owned 23.7% stake, or 5.506 million shares in the bank at $181.7 million by the end of May 2017.

Mubasher Trade Research described this move as a positive decision, since it unlocks the value of its commercial bank unit and also providesthe franchise with ammunition to benefit off today's market low prices.

Egypt’s investment bank acquired a 63.7% stake in the Lebanese bank at $560 million in 2010.