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CAIRO (Reuters) -Egyptian investment bank EFG Hermes Holding is targeting minority stakes in start-ups after its acquisition of a majority stake in state-owned Arab Investment Bank (AIB), its chief executive said on Sunday.
FILE PHOTO: The building of EFG-Hermes, also known as Egyptian Financial Group Hermes Holding Co SAE, is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015. REUTERS/Asmaa Waguih
The acquisition of the 51% stake, approved by the cabinet on Wednesday, will be finalised in the third quarter, CEO Karim Awad told Reuters.
It is Egypt’s first privatisation since 2006, when it sold a majority stake in Bank of Alexandria.
CAIRO: Egyptian investment bank EFG Hermes Holding is targeting minority stakes in startups after its acquisition of a majority stake in state-owned Arab Investment Bank (AIB), its chief executive said on Sunday.
The acquisition of the 51 percent stake, approved by the cabinet on Wednesday, will be finalized in the third quarter, CEO Karim Awad told Reuters.
It is Egypt’s first privatization since 2006, when it sold a majority stake in Bank of Alexandria.
EFG Hermes, Egypt’s biggest investment bank, will use internal resources to buy new AIB shares worth 2.55 billion Egyptian pounds ($163 million), Awad said.
The Sovereign Fund of Egypt will also buy new shares worth 1.25 billion pounds, increasing AIB’s capital to 5 billion pounds, while the current owner, state-owned National Bank of Egypt, will retain a 24 percent stake.
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