Yomna Yasser - 2014-07-07 13:13:12
Egypt's stocks ended lower on Monday losing 318 million Egyptian pounds following the failure of Beltone-Sawiris alliance's offer to acquire 20% stake in biggest investment bank EFG-Hermes. Consequently, the main stock index, EGX30 retreated below 8315 points.
According to the regulator chief Sherif Samy, the deal flopped after the bidders, Beltone Financial and Naguib Sawiris' New Egypt Investment Fund refused to buy the offered amount of shares of 9.5% in EFG-Hermes (HRHO.CA).
The bid consortium attracted offers for 54.4 million shares, or around 9.49% of EFG Hermes' outstanding shares, at 16 Egyptian pounds; while they asked for 20% stake in the investment bank, Samy told Amwal Al Ghad in a phone interview.
Meanwhile, the Egyptian Exchange's indices were wavering in red notes during closing session of Monday.
EGX operates with shortened trading hours during the Islamic fasting month of Ramadan since the exchange would open from 10:00 to 13:30 Cairo time.
Egypt’s benchmark index EGX30 ended 0.12 per cent lower to 8311.37 pts; while EGX20 finished 0.30 per cent down to 10070.7 pts. On the other hand, the mid- and small-cap index, the EGX70 dropped by 0.19 per cent to end at 604.76 pts. The price index EGX100 tumbled by 0.12 per cent to conclude at 1058.39 pts. Furthermore, the market capitalization recorded EGP 483.544 billion on Monday. More»