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[June 19, 2014]
Sawiris-Beltone to pick EFG-Hermes board representative [Arab Finance (Egypt)]
(Arab Finance (Egypt) Via Acquire Media NewsEdge) Arab Finance: An internal meeting will be held in the Sawiris-Beltone alliance in the next few days to choose their representative in the EFG-Hermes ( HRHO) Board of Directors (BOD) in preparation their request to restructure the BOD if their acquisition of 20% stake was successful according to Al-Mal Newspaper.
This step comes after Egypt's financial regulator approved a $ 257 million joint bid by billionaire Naguib Sawiris and Beltone for a 20 % stake in EFG Hermes , the EFSA's head, Sharif Samy, said on Wednesday.
A series of statements by EFG Hermes senior officials said that Beltone Financial Holding ( BTFH) cannot be represented in the BOD due to the possible conflict of interest because the two companies operate in the same activities.
However, sources in the Sawiris-Beltone alliance said that they are committed to all the rules and regulations and will take into account not to gall in any suspicion of conflict of interest during the acquisition.
Meanwhile, Sherif Samy, chairman of the EFSA, said that they did not discuss with the alliance their possible representation in the BOD and that it will be studied if the bid was accepted and names were nominated.
Source: Al-Mal Newspaper (c) 2014 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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