The Egyptian Financial Supervisory Authority (EFSA) has approved the offer submitted by Sawiris-Beltone alliance to acquire 20% of EFG-Hermes, CEO of EFG Hermes Karim Awad said.
Awad confirmed to the Daily News Egypt Wednesday the trade for EFG-Hermes stock has been suspended since 10:30 in the morning.
The EFSA has been assessing the documents submitted by legal representative of the alliance Yasser Zaki Hashem.
Head of EFSA sherif Sami has previously stated that the EFSA committees are looking to ensure that the submitted documents and papers meet all requested inquiries, pointing out that the commission received documents related to the ownership structure of New Egypt, the company owned by Naguib Sawiris.
