Egypt's EFG-Hermes shareholders are to receive a payout of 1.08 billion Egyptian pounds ($121.62 million) in the form of cash and share buybacks from the sale of a 40 percent stake in Credit Libanais, Reuters reports.
The board of Egypt's largest investment bank had approved the $310 million sale of a 40 percent stake in Credit Libanais, to Arab and Lebanese investors for $33 per share, along with plans to sell the rest of its shares at the same price by May next year.
According to Lebanon's Daily Star, EFG Hermes sold 2,700,000 of its shares to CIH Bahrain International Holding, increasing the latter’s stake from 23.52 percent of the bank to 35.06 percent. CIH Bahrain International Holding is a Lebanon-registered company controlled by the heirs of late Saudi billionaire Khaled bin Mahfouz. Another 30,303 shares were sold to to the board member of the bank Sarkis Demerjian.
Prior to the sale, EFG-Hermes held a total of 63.7 percent of shares in the Lebanese bank.
EFG-Hermes now plans to target new markets, with CEO Karim Awad hinting at expansion in Africa, Asia and Europe.
