EFG Hermes’s BOD approved adopting necessary steps to sell 9.4 million shares of its 40 per cent stake in Credit Libanais, for 33 dollars per share to a group of Arab and Lebanese investors. It is expected that these procedures will be concluded by June 30 -maximum.
EFG Hermes’s BOD approved as well an irrevocable underwriting agreement with Credit Libanais Investment Bank, a subsidiary of Credit Libanais, for the sale of its remaining 5.5 million shares at 33 dollars per share, on or before May 31, 2017.
Moreover, it agreed to appoint Grant Thornton Company an independent financial consultant to conduct a study on the bank’s fair value.
The company pointed out that concluding this deal reflects investors’ confidence in Lebanese banking sector and Credit Libanais and Central Bank of Lebanon’s policies and management.
