Egypt's EFG Hermes receives buy-out approach

CAIRO May 31 (Reuters) - Egyptian investment bank EFG Hermes said on Thursday a group of investors had approached it with a view to presenting a buy-out offer, confirming newspaper reports.

EFG - which is in the process of forming a joint venture with Qatar's QInvest - said it had received a letter from Planet, a group of unnamed Arab investors and Egyptian bankers, saying it was interested in buying the company. It was not clear how any buy-out would affect the QInvest deal.

"The letter did not contain any detail about the acquirers or the proposed price or any clarifying details," EFG said in a statement to the Egyptian stock exchange. (Writing by Tom Pfeiffer)