Cairo – Mubasher: EFG-Hermes Holding said on Wednesday it is close to acquire a 17.3% stake in Tanmeyah Microenterprise Services, from Egyptian Gulf Bank (EGB), in a deal worth EGP 77.9 million.
Upon finalising the deal, EFG-Hermes will own 94% in the company, at a total value reaching EGP 432 million.
In early March, EFG announced entering into a binding agreement to acquire 76.7% of Tanmeyah, which is held by Qalaa Holdings’ Finance Unlimited subsidiary.
