EFG Hermes to sell majority stake in Credit Libanais

EFG Hermes board has approved the sale of a 40% stake in Credit Libanais to Arab and Lebanese investors at $33 per share, along with plans to sell the remaining shares by May 2017. EFG Hermes' total holding in Credit Libanais amounts to 63.7% with a sale price of $765m.

Egypt's leading investment bank EFG Hermes approved the sale of 40 percent of its stake of Credit Libanais to Lebanese and Arab investors at a price of $33 per share, the bank said in a statement to the bourse on Thursday.

The sale which is expected to be completed by the end of June, is still subject to the Lebanese central bank's approval.

EFG Hermes owns 63.7 percent of Credit Libanais, its only commercial banking service, shows the latter's website.

The share price of EFG Hermes surged 15.42 percent to EGP 10.69 per share by mid-trade on the Egyptian stock exchange.

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