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Billionaire Sawiris Takes Second Shot at EFG-Hermes Stake
By Tamim Elyan and Ahmed A. Namatalla
2014-06-19T13:34:32Z
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<a href="http://www.hermesherbags.org">hermes</a> 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.
birkin handbags 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.
hermes outlet online store It marks his second attempt to buy a stake in EFG-Hermes
after the bank’s shareholders opted for a tie-up with Qatar’s
QInvest LLC at the time of his first bid two years ago. EFG-Hermes’s merger plans with QInvest also failed after the banks
failed to win approval from the regulator, known as EFSA.
hermes handbag outlet “Naguib Sawiris has said he’s interested in investing in
Egypt, and taking a stake in a regional investment bank is an
easy investment to make,” Angus Blair, founder of Signet
Institute, a Cairo-based research and consulting group, said by
phone from the Egyptian capital. “I’m not sure it’ll be an easy
purchase for him because EFG-Hermes remains relatively tightly
held.”
outlet store If successful, Sawiris will own 17.82 percent of the
lender, making his New Egypt Investment Fund BV the bank’s
biggest shareholder, according to data compiled by Bloomberg.
EFSA blocked a buyout bid for EFG-Hermes by Sawiris-backed
Planet IB in 2012, before shelving a similar offer by QInvest.
discounted hermes outlet Beltone will ask EFG-Hermes to buy it once the deal is
done, according to the joint offer statement with New Egypt
published by EFSA today. The proposal isn’t binding and the
bidders won’t be allowed to vote on the matter if they get a
seat on the investment bank’s board, EFSA Chairman Sherif Samy
said by phone today from Cairo. EFG-Hermes said June 10 it
doesn’t favor consolidation with any of its competitors in
Egypt.
Sawiris Investment
In December, five months after the military ousted Islamist
President Mohamed Mursi, whom Sawiris publicly opposed, he
pledged to invest $1 billion in the country. Investor appetite
is returning after former army chief Abdel-Fattah El-Sisi took
office as president this month.
Sawiris, who set up a secular party and contested previous
parliamentary elections, has sold most of his telecom businesses
in Egypt since political turmoil erupted in 2011. He remains in
control of Orascom Telecom Media &amp; Technology SAE, which
operates mobile phone networks in North Korea , Pakistan and
Lebanon.
The deal won’t be executed unless Sawiris’s bid gets all
the stock it’s targeting, EFSA’s Samy said yesterday. Beltone
would own about 2 percent of EFG-Hermes, according to the offer.
Job Cuts
EFG-Hermes said yesterday it appointed HC Securities &amp;
Investment to advise on the bid, according to a statement from
the company. The 16 pounds per share-offer must be publicized in
two newspapers within two days of the go-ahead, after which it
will remain open for 10 working days, EFSA said.
The investment bank, which had a record 540 million-pound
loss in 2013, has been implementing a cost-cutting plan that
included job cuts, the sale of Dubai-based jeweler Damas
International Ltd. and most of its stake in Egyptian real estate
developer Six of October Development &amp; Investment Co.
Beltone retreated from a record high 35.03 pounds
yesterday, falling 3.9 percent at the close in Cairo.
To contact the reporters on this story:
Tamim Elyan in Cairo at
telyan@bloomberg.net ;
Ahmed A. Namatalla in Cairo at
anamatalla@bloomberg.net
To contact the editors responsible for this story:
Samuel Potter at
spotter33@bloomberg.net ;
Dale Crofts at
dcrofts@bloomberg.net
James Doran
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