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EFG-Hermes sells Bank Audi stake

Posted on 20 January 2010

From Cpifinancial.net: Egypt’s EFG-Hermes has sold its stake in Lebanon’s Bank Audi for $913.4 million, as the 28 per cent investment was tying up too much of its funds and afforded no prospect of control.
Audi Saradar Group announced that a group of its existing shareholders, as well as a number of other high net worth individuals and entities investing directly or through investment vehicles, purchased the 7,554,148 common shares and 2,483,034 GDRs of Bank Audi, previously owned by EFG-Hermes and its subsidiaries at a price of $91 per share and GDR, for a total purchase price of US $914…………………………………Full Article: Source

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