EFG Hermes said on Saturday an independent financial adviser had set its fair share price at 22.93 Egyptian pounds ($3.21), 30 per cent higher than the price offered by Beltone and New Egypt Investment Fund for a stake in the investment bank.
Egypt's Beltone Financial Holding will offer itself for acquisition by EFG Hermes if it is successful with a joint bid for a 20 per cent stake in the investment bank, according to the offer document seen by Reuters ahead of its publication.
Egyptian investment bank Beltone Financial will discuss the possibility of splitting its shares on Monday, it said in a statement to the Cairo stock exchange.
Last week Beltone said that, together with a group
Egyptian investment bank Beltone Financial said on Tuesday its chairman, Aladdin Saba, was negotiating to sell his stake in the bank but that no agreement had yet been reached.
According to Reuters data, Chairman Alaa Saba owned 19.99 per
Egyptian investment bank Beltone Financial said on Sunday its shares listed on the Egyptian stock exchange would start trading before the end of 2010, part of a strategy that was delayed by merger plans.
Plans to merge with Pioneers Holdin
Egyptian investment bank Beltone Financial said on Sunday plans for a merger with Pioneers Holding had been scrapped after the two sides failed to agree on a future strategy for the merged entity.
Under the plan for the acquisition of Belt
Egypt's Beltone has downplayed its plans to expand into Algeria, saying it was in preliminary discussions and does not have a year-end deadline.
Al-Mal newspaper had quoted director Aly El Tahry as saying Beltone was talking to two Algeria
Egypt's Beltone Financial has signed a deal to complete its planned merger with Pioneers Holding, Beltone said on Sunday.
The merger is expected to be concluded by the end of May.
A Beltone spokesman said the new firm will be calle
Nasr City Housing, a leading home builder in Egypt, which sold only 33 apartments in 2008, is stepping up development, selling units before delivery and targeting a wider range of buyers, its chief executive officer said.
"We sold a lot of
Orascom Construction Industries (OCI), Egypt's top listed builder, said it saw little material impact from Dubai's debt crisis and would focus its UAE operations on Abu Dhabi.
Orascom Construction shares slid 7.8 per cent yesterday (Novemb