First Abu Dhabi Bank withdraws non-binding offer of majority stake in EFG Hermes – Egypt Today

First Abu Dhabi Bank withdraws non-binding offer of majority stake in EFG Hermes – Egypt Today

CAIRO - 14 April 2022: First Abu Dhabi Bank announced on Thursday morning the withdrawal of the non-binding offer submitted on February 9, 2022, regarding the possible acquisition of a majority stake in EFG Hermes Holding, one of the financial services institutions listed on the Egyptian Stock Exchange (EGX). The bank said in a statement, that this decision came after a careful study of the ongoing instability in global markets and economies. It stressed that the Egyptian market will remain strategically important for First Abu Dhabi Bank. The bank also confirmed that it will continue to support its customers and employees, and its investments in developing its well-established partnerships and operations in the Arab Republic of Egypt. On Feb. 9, the EFG Hermes said, in a statement that its board of directors is currently studying the purchase offer submitted by First Abu Dhabi Bank. The company stated that it had received a non-binding initial purchase offer from the UAE's First Abu Dhabi Bank; for a possible cash acquisition of a majority stake of no less than 51 percent of the company’s issued capital shares, at an estimated purchase price of LE 19 per share. It said that the offer confirmed