M&A

Egypt’s EFG Hermes is recommending on $500 million merger and acquisition agreement in Saudi Arabia

Egypt’s EFG Hermes is recommending on $500 million merger and acquisition agreement in Saudi Arabia

Highlights

  • Saudi Arabia has made captivating bigger foreign investment a key part of its economic Vision 2030 strategies.
  • EFG Hermes is one of the banks advising on the possible $1 billion listing of Fawaz Alhokair Group’s Arabian Centers Company.
  • EFG Hermes is working at a possible final quarter $300 million IPO, Fahmi said.
– TFM Watch

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Egypt’s EFG Hermes is taking a shot at a $500 million merger deal in Saudi Arabia and assumes more deals should come out of the kingdom in current year, particularly from the private section, its head of investment banking said to Reuters.

Saudi Arabia has made captivating bigger foreign investment a key part of its economic Vision 2030 strategies as it attempts to enhance the economy far from its dependence on oil. The kingdom’s looming consideration in the FTSE Russell developing markets this month is assuming billions of dollars of foreign capital flows.

“Saudi I think will be remarkably occupied,” Mohammed Fahmi stated, on the sidelines of the bank’s investment gathering in Dubai which is occurring this week. “I’m seeing a lot of RFPs (request for proposals) originating from Saudi for IPOs. Private sector organizations hoping to go public, which I believe is a valuable thing.” The bank is additionally advising on an initial public offerings (IPO) in Saudi Arabia, Fahmi stated, however would not give any more details.

EFG Hermes is one of the banks advising on the possible $1 billion listing of Fawaz Alhokair Group’s Arabian Centers Company expected in the second quarter, Reuters has posted, however EFG has declined to comment on its job.

Another official at EFG Hermes told Reuters in December that the investment bank was working on bigger M&A delas in health sector in Saudi Arabia.

Additionally, Fahmi said there were discussions in progress in the automotive, banking and facilities management segments in the kingdom and in the United Arab Emirates.

In Egypt, EFG Hermes is working at a possible final quarter $300 million IPO, Fahmi said.

Another IPO for state-possessed Alexandria Container and Cargo Handling may happen when the second quarter of this current year, Mohamed Ebeid, co-CEO of EFG Hermes Investment Bank told Reuters. EFG Hermes is managing deal along with Citigroup.

Egypt this week revitalized its privatization program, which has lain dormant for more than a decade, with the clearance of a 4.5 percent stake in tobacco monopoly Eastern Company, which EFG advised on.

EFG Hermes is additionally taking a shot at various IPOs with privately owned businesses in Egypt, Ebeid stated, for the most part on the industrial side.

($1 = 17.5000 Egyptian pounds)

Source: Reuters

– TFM Watch

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