Sovereign Fund of Egypt Invests in Arab Investment Bank
Posted on 05/20/2021
EFG Hermes Holding S.A.E. is set to acquire a 51% stake of state-owned Arab Investment Bank (AIB). The Sovereign Fund of Egypt (TSFE) will also acquire a 25% stake in AIB, while the current owner, state-owned National Investment Bank (NIB), will retain 24%, the Egyptian cabinet disclosed after approving the acquisition.
AIB’s capital will be increased to five billion Egyptian pounds (roughly US$ 319 million). AIB was established in 1974 as a commercial and investment bank under the supervision of the Central Bank of Egypt. AIB started operation in 1978 with a capital of 627 million Egyptian pounds, which was increased to 1.8 billion Egyptian pounds, with participation of 91.4% from National Investment Bank and 8.5% from the Federal Arab Republics.
Egypt’s sovereign wealth fund to acquire 25% stake in Arab Investment Bank
Getty Images
Sovereign Fund of Egypt, Cairo, agreed to acquire a 25% stake in Arab Investment Bank.
The $12.7 billion sovereign wealth fund executed an agreement alongside EFG Hermes Holding, which will become the largest AIB shareholder with a stake of 51%, a Hermes news release said Thursday.
Sovereign Fund of Egypt will subscribe to 207 million newly issued shares of the bank at a share price of 6.03 Egyptian pounds (38 cents), for a total value of 1.25 billion Egyptian pounds, the news release said.
Current majority shareholder National Investment Bank will have a 24% stake following purchases from other minority shareholders, according to the news release.
It looks like this was the result of either:
A mistyped address
A broken link on our site
A broken link on a search engine results page
A broken link on someone else s page
Some things to try:
Use the navigation menu at the top Most Read
Egypt s EFG Hermes Stock up 3 5% aawsat.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aawsat.com Daily Mail and Mail on Sunday newspapers.
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.