Mubasher: First Abu Dhabi Bank (FAB) has withdrawn its non-binding offer to acquire a majority stake in the Egyptian Exchange (EGX)-listed Egyptian Financial Group Hermes Holding (EFG Hermes).
FAB has decided not to proceed with the offer due to ongoing global market uncertainty and volatile macro-economic conditions, according to a bourse filing on Thursday.
"Egypt remains a strategically important market for FAB, where the bank will continue to support its customers and employees and continue to invest in the growth of its well-established partnerships and operations in Egypt," the bank announced.
It is noteworthy to mention that on 9 February 2022, FAB submitted a non-binding initial offer to EFG to acquire at least 51% of the company's issued capital at an estimated price of EGP 19 per share.
