Egyptian Beltone Financial Holding said its alliance with business tycoon Naguib Sawiris rejected the offered percentage of EFG-Hermes shares, saying it is too small to give the alliance an acceptable representation in the board.
Hermes shareholders offered to sell 54.4 million shares to the Sawiris-Beltone alliance for LE16 per share, which is 48 percent of the total shares sought by the alliance.
The New Egypt Investment Fund, a Dutch Sawiris subsidiary, Beltone Holding and Beltone Capital had in June offered to acquire a 20 percent stake in EFG-Hermes for LE16 per share.
Hermes owns several companies in Egypt, Saudi Arabia, the United Arab Emirates, Kuwait, Jordan, Lebanon, Oman and Qatar.
Edited translation from Al-Masry Al-Youm
