Egyptian investment bank Naeem Holding has received offers for its 80 percent stake in Arabeya Online Brokerage and hopes to conclude a sale within a month and a half, Arabeya Online said on Sunday.
Arabeya Online was Egypt’s ninth biggest brokerage in the first quarter of 2010 by value of transactions, it said on its website.
"The process of Naeem’s withdrawal from Arabeya Online is expected to be concluded in a month and a half," Arabeya Chairman Hisham Tawfik told Reuters.
Al-Borsa newspaper said on Sunday around eight financial institutions and banks from Egypt and the Gulf had expressed interest in bidding for the stake.
Chairman Tawfik said he planned to continue holding another 20 percent stake he owns personally in the Cairo-based internet trading company.
EFG-Hermes is acting as adviser on the transaction.
Arabeya has capital of LE 24 million, Al-Borsa said.