Egypt's Al-Sisi meets Rosatom chief as new Dabaa plant deals are signed    CPME shareholders approve EGP 2.8bn acquisition of Qardy, Catalyst Partners Holding    How the Ramses Central Fire Disrupted Egypt's Internet, Stock Exchange, and Banking Sectors    Philippines' unemployment rate falls in May '25    Gold prices dip on stronger US Treasury yields    Egypt's data systems fully backed up after Ramsis Exchange fire: minister    Egypt, Somalia leaders discuss strategic partnership, counterterrorism in New Alamein    Egypt, UNDP discuss expanded cooperation on medical waste management, human development    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM, Uruguay's president discuss Gaza, trade at BRICS summit    Egypt, Uruguay eager to expand trade across key sectors    Egypt accelerates coastal protection projects amid rising climate threats    Egypt's PM calls Israeli war on Gaza 'most dangerous crisis' at BRICS summit    Egypt, Norway hold informal talks ahead of global plastic treaty negotiations    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Global tour for Korean 'K-Comics' launches in Cairo with 'Hellbound' exhibition    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's EDA joins high-level Africa-Europe medicines regulatory talks    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EFG Hermes capital increase timeframe yet to be announced: Nessim
Published in Amwal Al Ghad on 21 - 04 - 2015

Egypt's leading investment bank EFG Hermes (HRHO) is planning to increase capital by EGP 391.83m through issuing shares on the Egyptian Stock Market (EGX), the company announced on Monday.
Head of Investors' Relations at EFG Herms Hanzada Nessim explained to Daily News Egypt that the company will send a request to a committee in the EGX and if this committee approved it, it would send it to the EGX's board.
"After that EFG Hermes will call for shareholders for a meeting to approve the plan," Nessim added.
Nessim noted the timeframe of the transaction is still unknown.
EFG Hermes has reported EGP 538m in net profit on EGP 2.6bn in total revenues in 2014, with the figure representing the company's highest net profit since 2010. In 2013, EFG Hermes, which has its headquarters in Egypt, reported EGP 540m in net loss.
On a quarter-yearly basis, EFG Hermes registered in the fourth quarter (Q4) of 2014 net profit of EGP 131m out of EGP 702m in revenues, after tax and minority interest.
For over 30 years, EFG Hermes has provided companies with financial services, including investment banking, asset management, securities brokerage, research and private equity, operating in Egypt, the UAE, Saudi Arabia, Kuwait, Oman, Qatar, Jordan and Lebanon.
In 2014, EFG Hermes expanded its activities outside of the MENA region as it had signed a $208m deal to acquire a 49% stake in wind energy company EDPR France, which has a combined gross capacity of 334MW.
EFG Hermes faced an unstable situation in June 2014 when business tycoon Naguib Sawiris allied with Beltone Financial to acquire 20% of Hermes. The total number of shares respondent to the purchase offer under the Sawiris-Beltone alliance amounted to only 54.4m of the total 114m shares, an EFG Hermes source said at the time. The source explained that over 90% of Hermes shareholders refused the purchase offer.
The Sawiris-Beltone alliance was conditional on the purchase of 20% of Hermes, or 114m shares as offered by shareholders. A request to amend the purchase offer was required if they wish to purchase only 9%, the total of what was offered by shareholders. The acquisition bid didn't go further.
Source: Daily News Egypt


Clic here to read the story from its source.