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EFG-Hermes says shares valued at EGP 22.93-- 30% higher than price offered by Beltone-Sawiris alliance - Daily News Egypt

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EFG-Hermes says shares valued at EGP 22.93– 30% higher than price offered by Beltone-Sawiris alliance

EFG-Hermes stated that the evaluation of the IFA was “fair and unbiased”

EFG Hermes has completed all required documents for a merger deal with Qatari investment bank QInvest and submitted them to The Egyptian Exchange (EGX) management (Photo Public Domain)Evaluation for the EFG-Hermes shares’prices, which was conducted by HC Securities and Investment, has concluded that the fair share price is EGP 22.93, EFG-Hermes announced Saturday in an official statement.

This is around 30% higher than the EGP 16 price offered by Sawiris-Beltone alliance to acquire 20% of EFG-Hermes.

HC Securities and Investment was selected by EFG-Hermes as the independent financial advisor (IFA) to conduct evaluation for the deal.

“Despite having no legal obligation to appoint an IFA, the board of directors opted to do so in affirmation of its commitment to safeguard the rights and interests of all shareholders and in accordance with its commitment to transparency and integrity,” EFG-Hermes said in regards to hiring an IFA.

EFG-Hermes stated that they approved the final conclusion of the IFA as a fair and unbiased evaluation, especially following the company’s registered profits in the first quarter of the current year, around EGP 120m.

Deputy CEO of HC Securities and Investments Mohamed Metwally said that the company can’t discuss further findings of its evaluation to the deal due to the confidentiality agreements but confirmed that the evaluation was completed.

“EFG-Hermes will first release the evaluation to the regulators then to the public,” Metwally said, adding that the evaluations’ report is expected to be released any movement.

On 18 June, the Egyptian Financial Supervisory Authority (EFSA) has approved the offer submitted by Sawiris-Beltone alliance to acquire 20% of EFG-Hermes, the CEO of EFG-Hermes told the Daily News Egypt.

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