Billionaire Naguib Sawiris' second bid for a stake in Egypt's biggest investment bank EFG Hermes hung in the balance as shareholders agreed to sell just under half of the shares sought.
Sawiris' New Egypt Investment Fu
EFG Hermes, a leading investment bank in the Arab world, has reported a nearly three-fold year-on-year rise in the group net profit after tax and minority interest to EGP119 million on total group operating revenues of EGP 563 million ($16.7 mil
Egyptian bank EFG-Hermes plunged to a net loss of $48 million last year, hit by one-off charges including a writedown in the value of certain investments.
The bank, active both in investment and commercial banking, said yesterday
Egyptian investment bank EFG-Hermes has agreed to sell its 19 percent stake in United Arab Emirates jeweller Damas to Qatar's Mannai Corp for $150 million, a source familiar with the deal said on Wednesday.
Mannai and EFG-Herm
EFG-Hermes, Egypt's biggest investment bank, has reported a net loss of EGP 21 million ($3.08 million) for the fourth quarter compared to a EGP31 million profit in the same quarter a year earlier.
The bank said one-off expense
(The author is a Reuters Breakingviews columnist. The opinions expressed are her own)
QInvest's bid to carve up EFG Hermes is a test for the new Egypt. Ten months have passed and the Qatari firm is still waiting for regulators
Egypt's regulator has no objections to the deal between EFG-Hermes and QInvest of Qatar to create an investment bank, the Egyptian investment bank said on Monday, giving a green light for the tie-up to go ahead.
A group of investors called Planet IB that has launched a bid to buy out EFG-Hermes said on Saturday it intended to offer 13.50 Egyptian pounds ($2.23) per share for the Egyptian investment bank.
Shares in the bank closed at 10.99 pounds o
Egypt's stock exchange briefly suspended trade in EFG-Hermes shares on Tuesday but resumed dealing after the investment bank issued details about its chief executive Yasser El Mallawany, who faces a travel ban.
The shares were trading dow
Shares in EFG-Hermes, Egypt's biggest investment bank, plunged 5.7 per cent at the opening of the market on Monday and trading was suspended after its chief executive Yasser el Mallawany was banned from leaving Egypt.