EFG Hermes (HRHO.CA), the leading investment bank in the Arab world, and QInvest, Qatar's leading investment bank, announced on Wednesday that the long-stop date for the satisfaction of the conditions precedent for their joint venture agreement to proceed had been reached without receiving the necessary regulatory approvals from Egypt's financial regulator - the Egyptian Financial Supervisory Authority (EFSA). As a result of the long stop date being reached, the joint venture agreement will automatically terminate. The parties received the necessary financial services regulatory approvals in all other markets in which the joint venture was initially to operate including Qatar, the United Arab Emirates, Saudi Arabia, and Jordan, among others. EFG Hermes and QInvest co-operated fully with all regulators, met all of their requirements and exercised the utmost diligence in addressing any regulatory requests in a timely and comprehensive manner. Both institutions look forward to separately creating value for their shareholders and remain open going forward to capitalizing on their complementary strengths to pursue together suitable business opportunities in a less-structured framework.
