Egypt Independent

Hermes board of directors considers Sawiris’s offer

The Board of Directors of EFG Hermes Holding S.A.E convened to discuss the voluntary tender offer that has been submitted to the Egyptian Financial Supervisory Authority EFSA for approval by a consortium led by Egyptian businessman Naguib Sawiris, offering to buy up to 20 percent of the shares of the company.  
Accordingly, the Board of Directors will commission an IFA to produce those reports and will announce the results together with its recommendation, the company said in a statement  
In addition, the Board of Directors would like to commend its management team on the performance amid challenging market conditions, leading the company back to a healthy level of profitability, as reflected in the strong increase in the value of the share over the last 12 months, the statement added.
Edited translation from Al-Masry Al-Youm