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Sunday, 11 September 2022

Credit Agricole acquires a 4.8% stake in Credit Agricole Egypt

Crédit Agricole Group acquired a 4.8% stake in Crédit Agricole Egypt on Thursday, it said in a disclosure (pdf) to the bourse. The French lender purchased 60 mn shares of its EGX-listed subsidiary, taking its holdings to around 65.3%, it said.

The details: Bloomberg Asharq reported last week Crédit Agricole Egypt’s shares were valued at EGP 6.23-EGP 7.00 apiece, bringing the total value of the transaction to EGP 374-420 mn. The bank did not reveal the price in the disclosure.

Market reax: Shares rose 4.0% to close at EGP 6.48 on Thursday.

Who owns the rest of Credit Agricole Egypt? Rolaco E.G.P Investments owned 6.59% before the transaction, while the remainder was held by unknown “others,” according to the bank’s website.

Advisors: Our friends at EFG Hermes acted as financial advisors and Zulficar & Partners provided legal counsel on the transaction.

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