Egypt’s EFG Hermes to acquire majority stake in Arab Investment Bank

Egypt’s EFG Hermes to acquire majority stake in Arab Investment Bank

Egypt-based financial services company EFG Hermes Holding and Sovereign Fund of Egypt (TSFE) have received approval for a 76 percent acquisition of Egypt’s Arab Investment Bank. EFG will have the majority share of 51 percent and will increase the paid-up capital in the bank to EGP 5 billion ($319 million) Under the terms of the agreement, EFG Hermes will subscribe to 423 million newly issued shares of the bank at a price per share of EGP 6.03 and a total value of EGP 2.55 billion. TSFE will subscribe to 207 million newly issued shares of the bank at the same price per share, with a total value of EGP 1.25 billion. The transaction is still subject to conditions including the final approval of the Central Bank of Egypt. (Writing by Imogen Lillywhite; editing by Brinda Darasha) Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. .