Cairo – Mubasher: EFG-Hermes Holding plans to sell off a stake of 4.1% in Credit Libanais Bank at $33 per share, according to a bourse filing.

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

On 8 June, the company completed selling off a 40% stake in the bank at $310 million.

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

Today, the stock quote rose by 0.27% to EGP 10.94 after 1.07 million shares were traded at EGP 11.66 million.