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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 again soon.

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.


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