Beltone Financial Holding, an Egypt-based investment bank, New Egypt Investment Fund (NEIF), a fund controlled by Egyptian businessman Naguib Sawiris, and Beltone Capital Holding, an investment vehicle managed by Beltone Private Equity, have submitted a tender offer to acquire 20 percent of Cairo-listed investment bank EFG Hermes Holding. Under the terms of the offer, NEIF will acquire a 17.82 percent stake and Beltone Financial and Beltone Capital will each acquire a 1.09 percent stake. The price per share offered is EGP16 (approximately US$2.23), resulting in a total transaction size of EGP1.8 billion (approximately US$260 million).