Egyptian authorities have presented an amended invitation for tobacco companies to bid for a licence to manufacture cigarettes, a document seen by Reuters showed, after four firms complained the terms were too narrow.
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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.
Egypt s EFG Hermes stock up 3 5% after acquiring control of Arab Investment Bank reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.