Cairo – Mubasher: EFG Hermes Holding said its board of directors gave the go-ahead to selling its 63.7% stake owned in Credit Libanais Bank.
EFG Hermes is currently working on securing the approvals of the Lebanese central bank to proceed with selling a 40% stake, or 9.408 million shares in the bank at $33 each.
Meanwhile, EFG Hermes entered into an irrevocable underwriting agreement to sell its remaining, indirectly-owned 23.7% stake, or 5.506 million shares in Credit Libanais Bank at $181.7 million. The deal is expected to be finalised by the end of May, 2017.
