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Hermes’s Stock Rise 15% After First Abu Dhabi Bank’s Bid

The stock price of “EFG Hermes” rose more than 15% during trading today, Wednesday, after announcing a purchase offer submitted by the UAE’s First Abu Dhabi Bank to acquire the company.

The price reached EGP 18.25 at 11 am, an increase of 15.2%, while the main index of the Egyptian Exchange jumped by 1.5%.

The Financial Regulatory Authority (FRA) announced, in a statement today, Wednesday, that it had received a letter today from First Abu Dhabi Bank regarding the disclosure of its intention to submit a compulsory purchase offer to acquire a majority stake not less than 51% of the capital of Financial Group Hermes Holding – EFG Hermes (HRHO) at an initial price of EGP 19/share.