EFG Hermes sold its stake in Lebanon’s Bank Audi

Egypt’s Investment bank EFG Hermes said Monday it sold its entire stake in Lebanon’s Bank Audi for $913.4 million.

The Cairo-based firm said it sold its 7.5 million common shares and 2.5 million global depository receipts in the bank, Lebanon’s largest by assets, to a group of investors. It didn’t identify the buyers.

In a separate statement, EFG Hermes said that the sale was completed “without a block trade discount and at a premium,” and resulted in an unconsolidated capital gain of $260 million.

According to Bank Audi’s Web site, EFG Hermes held roughly 22% of the shares as of last April.

Bank Audi shares closed 2.73% higher on Beirut’s stock exchange at $91 per share. The bank had consolidated assets of $24.7 billion by the end of last September. WSJ