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No intention to re-adjust price offered for EFG-Hermes stock: Beltone-Sawiris alliance - Daily News Egypt

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No intention to re-adjust price offered for EFG-Hermes stock: Beltone-Sawiris alliance

The alliance says deal will bring $230m in foreign investments.

EFG Hermes has completed all required documents for a merger deal with Qatari investment bank QInvest and submitted them to The Egyptian Exchange (EGX) management (Photo Public Domain)The Beltone-Sawiris alliance announced Sunday that they will not re-adjust the prices it previously offered to acquire 20% of the EFG-Hermes. The alliance added that the value offered for the shares’ purchase, EGP 16 per share, is a “fair value”.

On 28 June, EFG-Hermes published a statement in which it explained that the valuation for the EFG-Hermes shares’ prices had concluded that the fair share price is EGP 22.93; an almost 30% higher estimation than the Sawiris-Beltone alliance had offered.
EFG-Hermes stated that they approved the final conclusion of the IFA as a fair and unbiased evaluation, especially following the company’s registered profits in the first quarter of the current year, around EGP 120m.
The alliance noted that “one of the biggest investment banks worldwide has estimated that value of the share on 10 June at EGP 17”.
The alliance noted that the implementation of the deal will bring in around $230m.
On 18 June, the Egyptian Financial Supervisory Authority (EFSA) approved the offer submitted by the Sawiris-Beltone alliance to acquire 20% of EFG-Hermes, the CEO of EFG-Hermes told Daily News Egypt.

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