Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) has received a non-binding initial offer for First Abu Dhabi Bank (FAB) to acquire a majority stake in the company's issued capital.
FAB plans to acquire at least 51% of EFG Hermes' issued capital at an estimated price of EGP 19 per share, according to a bourse filing on Wednesday.
Completing the transaction and setting the final purchase price is subject to the due diligence process and required regulatory approvals.
It is noteworthy to mention that in the January-September period of 2021, the consolidated financials of EFG Hermes registered a 32.22% rise in net profits to EGP 1.12 billion, compared to EGP 849.8 million in the year-ago period.
