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EFG closes Egypt's Olympic Grp sale to Electrolux

EFG closes Egypt's Olympic Grp sale to Electrolux

Mideast investment bank EFG Hermes says it has closed the $404 million sale of Egypt's Olympic group to Sweden's Electrolux Group.
EFG Hermes said Thursday that deal came after the Swedish appliance maker extended a mandatory tender offer for 100 percent of the Egyptian firm's shares. The Cairo-based investment bank said the tender offer's deadline ended on Sept. 5 and was approved by over 98 percent of Olympic's shareholders.
EFG Hermes said the deal was the first "sizable foreign direct investment in Egypt" following the Jan. 25 uprising that ousted then-President Hosni Mubarak.
The mass protests hit Egypt's economy hard, cutting key tourism revenue and sharply curtailing foreign investments in the Arab world's most populous nation.


Updated : 2021-05-15 03:44 GMT+08:00