First Abu Dhabi Bank makes offer to acquire majority stake in EFG Hermes Holding

First Abu Dhabi Bank makes offer to acquire majority stake in EFG Hermes Holding

UAE lender First Abu Dhabi Bank has made a non-binding offer to EFG Hermes Holding (EFG Hermes) for a potential cash acquisition of a majority stake, the latter announced today. The proposed stake would be no less than 51 per cent of the issued shares of the company at an indicative purchase price of EGP19 per share. “The completion of the transaction and the final purchase price is conditional upon the completion of a satisfactory comprehensive due diligence on the company, and the receipt of the required regulatory approvals; upon which a mandatory tender offer will be made to all shareholders of the company, in accordance with Law 95 of 1992 and its executive regulations,” EFG Hermes said in a disclosure. The offer has been shared with the board of directors and will be discussed subsequently. Disclosures will be made in due course of time, the statement said. FAB reported a group net profit of Dhs12.5bn for 2021, up 19 per cent year-on-year. Its net profit for Q4 2021, however, totaled Dhs3.3bn, up 3 per cent year-on-year. Towards the end of last year, FAB also received a financial license from the China Banking and Insurance Regulatory Commission Shanghai Office to