Billionaire Sawiris Takes Second Shot at EFG-Hermes Stake
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Egypt’s markets regulator is giving billionaire Naguib Sawiris a shot at fulfilling a promise to reinvest in his home country under the new political leadership.
The Egyptian Financial Supervisory Authority said yesterday it approved a 1.83 billion Egyptian pound ($256 million) offer by Sawiris and Cairo-based Beltone Financial Holding to buy about 20 percent of EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank. EFG-Hermes, also based in Cairo, was unchanged today at 15.35 pounds, having climbed 17 percent since Sawiris’s offer was announced June 5.