(Adds regulator not objecting to extension of bid period)
CAIRO, June 28 (Reuters) guideline EFG Hermes iPhone cover said on
Wednesday an independent financial adviser had determine its fair share
price at twenty-two. 93 Egyptian pounds ($3. 21) whereas the price offered
by Beltone and New Egypt Investment Financing for a stake in the bank
The offer for a stake in the Egyptian financial investment bank could
help to revive dealmaking in Egyptian equities after more than
four years of stagnation following the overthrow behind Hosni
EFG Hermes iPhone 5S case appointed Cairo-based HC Securities & Investment
in may to evaluate the fair value of its own shares and help
shareholders decide or perhaps not to accept an offer to acquire a 20
pct stake in the bank at of sixteen pounds per share.
"We realize that the price offered... is less than the ritterlich
value of the share, " EFG Hermes said in a statement.
Beltone and Egyptian billionaire Naguib Sawiris are offering
around $257 million for that EFG stake, with the offer official document
stating that EFG will also be given the chance to take over
the financial array that owns 17 companies operating in
investment and asset operation activities among other
EFG Hermes has said it does not consider it "economically
viable" to accept the proposal to acquire Beltone Group,
including Beltone Financial Holding and Beltone Financial for
F?lge and Management of Portfolios as PE Funds.
"Now it is difficult for that deal to succeed, " said Karim
Abdel Aziz, equities funds consultant at the National Bank of
Egypt. "The fair price is a lot beyond the Sawiris-Beltone
The offer was to run until July 3, although
financial regulator said after conclusion of trading on Thursday when
it had no objection to stretching out it until July 6 considering that next
Tuesday the stock exchange will continue closed.
EFG Hermes in 2012 agreed upon a deal with Qatar's QInvest to be
spin off part of its assets to offer an investment bank with
operations occupying the Middle East, Africa and Ultra lean beef. But the
deal fell through basically did another previous Sawiris-backed current.
EFG Hermes is one of the Middle East's biggest investment
banks, with work in Egypt, Saudi Arabia, the The united states of america Arab
Emirates, Kuwait, Jordan, Lebanon, Oman and Qatar.
The government behind Dubai owned 11 percent behind EFG Hermes as of
the end behind March, making it the biggest shareholder, as per
to Thomson Reuters data. EFG has a free float of about 67
The bid-offer submitted to Egypt's financial regulator said
that Latest Egypt Investment Fund would use 17. 82 percent of EFG
Hermes, while Beltone planned to get 1 . 09 percent and
Beltone Capital Holding would acquire a single 1 . 09 percent.
EFG Hermes shares closed at 15. thirty five Egyptian pounds on
(Reporting courtesy of - Ehab Farouk; Writing by Lin Noueihed and Shadia