Egypt's EFG Hermes says completes sale of Credit Libanais stake

Reuters , Wednesday 8 Jun 2016

File photo: Investment bank EFG Hermes building at the Smart Village, on the outskirts of Cairo,(Reu
File photo: Investment bank EFG Hermes building at the Smart Village, on the outskirts of Cairo,(Reuters)

Egypt's leading investment bank EFG Hermes has completed the sale of a 40 percent stake worth $310 million in Credit Libanais after obtaining board approval, the company said in a bourse statement on Wednesday.

EFG Hermes's board in March agreed to sell a 40 percent stake in Credit Libanais to Arab and Lebanese investors at $33 per share, along with plans to sell its remaining shares by May next year.
 

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