ArabFinance: EFG Hermes Holding (HRHO) announced that its board of directors has decided to appoint an international financial advisor and an Egyptian legal counselor to provide financial and legal consulting regarding the potential sale transaction, according to a statement filed to the Egyptian Exchange (EGX).

On February 9th, EFG Hermes announced it received a non-binding offer from FAB for a potential cash acquisition of not less than 51% of the company’s issued shares at an indicative purchase price of EGP 19 per share.

It is worth noting that informed sources told Shorouk News that First Abu Dhabi Bank (FAB) is aiming at raising the indicative price of the non-binding offer for a potential cash acquisition of not less than 51% of EFG Hermes’s total issued capital.

Founded in 2017, the UAE-based FAB is one of the largest financial institutions in the world, offering an extensive range of solutions and products.

EFG Hermes is an EGX-listed company that has a presence in 13 countries, including the UAE, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan.

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