Egypt's EFG-Hermes sells Bank Audi stake
Beirut, January 18, 2010
Egypt's EFG-Hermes sold its stake in Lebanon's Bank Audi for $913.4 million, the Lebanese bank said on Monday.
In a regulatory statement, Bank Audi said EFG-Hermes, which held 28 per cent of the bank, concluded the sale of its 7.5 million common shares and 2.5 million GDRs.
In Cairo, head of EFG-Hermes investor relations Dina Sonbati confirmed that the firm had sold its stake. She declined to give more details.
The Audi statement said 'a group of its existing shareholders, as well as a number of other high net worth individuals and entities investing directly or through investment vehicles' bought the stake at a price of $91 per share and GDR.
'Following the transaction, none of the purchasers individually own 5 per cent or more of the common shares of the bank,' the statement said.
Lebanon's M1 group, owned by the Mikati family, bought part of the stake, one financial source said without giving further details.-Reuters