{"id":556049,"date":"2021-10-10T03:59:01","date_gmt":"2021-10-10T03:59:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/10\/efg-hermes-sfe-get-cabinet-signoff-on-arab-investment-bank-acquisition\/"},"modified":"2021-10-10T03:59:01","modified_gmt":"2021-10-10T03:59:01","slug":"efg-hermes-sfe-get-cabinet-signoff-on-arab-investment-bank-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/10\/efg-hermes-sfe-get-cabinet-signoff-on-arab-investment-bank-acquisition\/","title":{"rendered":"EFG Hermes, SFE get cabinet signoff on Arab Investment Bank acquisition"},"content":{"rendered":"

<\/a> M&A WATCH- EFG Hermes and the Sovereign Fund of Egypt have received <\/strong>cabinet approval for their<\/strong> acquisition of a 76% stake in the Arab Investment Bank (AIB)<\/strong>,<\/strong> according to a decision published in the Official Gazette<\/a> and picked up by the domestic press<\/a>. The two institutions acquired the shares via an EGP 3.8 bn capital increase, which raised the bank\u2019s capital to EGP 5 bn and gave EFG a 51% stake and SFE 25%. AIB's fair value was EGP 1.1 bn, according to the assessment from PricewaterhouseCoopers, which served as independent financial advisor to EFG and the SFE.<\/p>\n

Background: <\/strong>We noted in August<\/a> that the National Investment Bank (NIB), which held a 91.4% stake in the bank, had planned to reduce its ownership to 24%, while minority shareholders with the remaining 8.6% would offload their stakes. EFG Hermes is subscribing to 423 mn newly-issued shares for EGP 6.03 per share, at a total value of EGP 2.55 bn. Meanwhile, the SFE is taking 207 mn newly issued shares at the same per-share price totalling EGP 1.25 bn. The acquisition marks Egypt\u2019s first full bank privatization in 15 years<\/strong> \u2014 and the fact that the SFE has managed to pull it off helps underscore that it\u2019s serious about public-private partnership.<\/p>\n

\n

OTHER M&A NEWS- The National Bank of Egypt will purchase a 20% stake in mass <\/strong>transport operator <\/strong>Mwasalat Misr<\/a><\/strong> through a capital increase agreed last Wednesday, according to a press release (pdf)<\/a>. There was no mention of how much the state-owned giant is planning to invest. Mwasalat, which is majority-owned by Emirates National Group, operates higher-end buses along several routes in Cairo and was earlier this year<\/a> awarded a 15-year contract to take charge of bus fleets in Egypt\u2019s new cities. The company is also part of the consortium carrying out technical studies for the implementation of Cairo\u2019s new Bus Rapid Transit system<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- EFG Hermes and the Sovereign Fund of Egypt have received cabinet approval for their acquisition of a 76% stake in the Arab Investment Bank (AIB), according to a decision published in the Official Gazette and picked up by the domestic press. The two institutions acquired the shares via an EGP 3.8 bn capital […]<\/p>\n","protected":false},"author":1,"featured_media":556050,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[3148,84,72,7087,1473,7128,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-arab-investment-bank","tag-efg-hermes","tag-enterpriseam","tag-finance","tag-investment-banking","tag-ma-watch","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"21edd1c9-3b85-4d0d-a11c-1bf285d548c6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/103.jpg","photo_position":"above","related_issue":[556040],"teaser":"","voice_url":""},"yoast_head":"\nEFG Hermes, SFE get cabinet signoff on Arab Investment Bank acquisition - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/10\/efg-hermes-sfe-get-cabinet-signoff-on-arab-investment-bank-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EFG Hermes, SFE get cabinet signoff on Arab Investment Bank acquisition\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- EFG Hermes and the Sovereign Fund of Egypt have received cabinet approval for their acquisition of a 76% stake in the Arab Investment Bank (AIB), according to a decision published in the Official Gazette and picked up by the domestic press. 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SFE CEO Ayman\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/420.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576396,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/23\/efg-hermes-sfe-to-complete-due-diligence-on-aib-in-february-sources\/","url_meta":{"origin":556049,"position":1},"title":"EFG Hermes, SFE to complete due diligence on AIB in February -sources","author":"enterpriseam admin","date":"23 November 2020","format":false,"excerpt":"M&A WATCH- EFG Hermes and the Sovereign Fund of Egypt (SFE) will complete due diligence on the Arab Investment Bank (AIB) by February 2021 ahead of a potential acquisition of a 76% stake in the state-owned bank, Masrawy reports, citing unnamed banking sources familiar with the matter. SFE CEO Ayman\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558893,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/","url_meta":{"origin":556049,"position":2},"title":"CBE OKs acquisition of 76% of AIB by EFG and SFE","author":"enterpriseam admin","date":"31 August 2021","format":false,"excerpt":"CBE gives final thumbs up to Arab Investment Bank acquisition: EFG Hermes and the Sovereign Fund of Egypt (SFE) have gotten the final go-ahead from the central bank to purchase a 76% stake in the Arab Investment Bank, EFG said in a regulatory filing (pdf) yesterday. The two institutions will\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/313.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562343,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/efg-hermes-set-to-transform-into-universal-bank-as-sfe-proves-its-serious-about-public-private-partnership\/","url_meta":{"origin":556049,"position":3},"title":"EFG Hermes set to transform into universal bank as SFE proves it\u2019s serious about public-private partnership","author":"enterpriseam admin","date":"20 May 2021","format":false,"excerpt":"EFG + SFE\u2019s acquisition of AIB gets Cabinet nod: EFG Hermes and the Sovereign Fund of Egypt\u2019s (SFE) acquisition of a combined 76% stake in the Arab Investment Bank (AIB) earned Cabinet approval yesterday, according to a Cabinet statement, bringing us one step closer to Egypt\u2019s first bank privatization in\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/166.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574628,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/","url_meta":{"origin":556049,"position":4},"title":"EFG Hermes, Egypt\u2019s sovereign fund to finalize AIB takeover this year","author":"enterpriseam admin","date":"16 September 2020","format":false,"excerpt":"M&A WATCH- EFG Hermes, SFE to finalize AIB acquisition this year: EFG Hermes and the Sovereign Fund of Egypt (SFE) expect to close their acquisition of a 76% stake in state-affiliated Arab Investment Bank (AIB) before the end of 2020 through a capital increase to EGP 5 bn, SFE CEO\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/183.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555594,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/efg-sfe-finalize-acquisition-of-arab-investment-bank\/","url_meta":{"origin":556049,"position":5},"title":"EFG, SFE finalize acquisition of Arab Investment Bank","author":"enterpriseam admin","date":"21 November 2021","format":false,"excerpt":"EFG Hermes is now officially a universal bank: Our friends at EFG Hermes finalized on Thursday their acquisition of a 51% stake in the Arab Investment Bank (aiBank), transforming the leading financial services corporation in frontier emerging markets into a universal bank in Egypt, EFG said in a statement (pdf).\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/518.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=556049"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556049\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556040"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/556050"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556049"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556049"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}