UAE's First Abu Dhabi Bank intends to submit offer to acquire EFG Hermes

CAIRO - 9 February 2022: The Financial Regulatory Authority (FRA) said that it had received a letter from the First Abu Dhabi Bank regarding the disclosure of its intention to submit a compulsory purchase offer to acquire a majority of no less than 51 percent of the shares of EFG Hermes Holding.

The FRA added, in a filing to the EGX, Wednesday, that EFG Hermes will start the due diligence procedures at the earliest date, indicating that the initial price is LE 19 per share, until the completion of the due diligence procedures.

"It is decided that the purchase offer should be submitted or not in light of the results of the due diligence examination, as well as fulfilling the necessary procedures and obtaining the relevant internal and administrative approvals from the concerned authorities within the Arab Republic of Egypt and the United Arab Emirates,” it added.

The authority decided to re-trade the company’s shares as of 10:20 hours from today’s trading session, corresponding to February 9, 2022.

EFG Hermes Holding achieved a net profit of LE 1.12 billion from the beginning of January until the end of last September 2021, compared to LE 849.8 million during the same period in 2020.

The company's total achieved revenues during the nine months rose to LE 5.19 billion at the end of September, compared to LE 4.69 billion during the same period last year.

As for the standalone results, the company achieved profits during the period amounting to LE 126.61 million, compared to profits of LE 178.07 million in the comparable period of 2020.