Egypt Rejects Iranian Offer to Buy State Ban, Paper
Cairo, Aug. 9 (Bloomberg) -- Egypt rejected a bid by the Iranian government
to buy 80 percent of Misr Iran Development Bank because the $96 million
it offered was not enough, Al-Alam Al-Yom newspaper said, citing an unnamed
Ministry of Economy official.
The share is being sold by the Bank of Alexandria and Misr Insurance
Co., both owned by the Egyptian government. The Iranian government already
owns 20 percent of the bank.
Egypt, which received no other offers, will put the stake up for sale
An Egyptian government auditing agency said the 80 percent stake was
worth between $136 million and $216 million, while the local company EFG-Hermes
valued it at between $120 million and $136 million, Al-Alam Al-Yom reported.