Sawiris-Beltone alliance refuses offered 9.5% stake in Hermes

Beltone Financial and billionaire Naguib Sawiris' New Egypt Investment Fund refused on Monday to accept an offered 9.5 percent stake in EFG Hermes, less than half of their target amount of 20 percent.
In a joint statement, they said they are unwilling to accept the percentage of shares offered in the targeted company because that percentage will not allow them an acceptable representation in the the board of directors.
A total stake of 47.5 percent of EFG Hermes shares, representing 54.4 million shares, has been offered for sale to Sawiris and Beltone alliance upon their purchase request.
EFG Hermes is one of the Middle East's biggest investment banks, with operations in Egypt, Saudi Arabia, the United Arab Emirates, Kuwait, Jordan, Lebanon, Oman and Qatar.