A number of EFG-Hermes Group (HRHO.CA) shareholders is considering to collect the lawful percentage of 5% which are necessary to express their objections to the group's approval of Qatari QInvest acquisition deal to seize 60% of the stakes. Pursuant to the agreement, QInvest shall own 60% of EFG-Hermes Qatar's capital and 40% of EFG-Hermes Holding. A number of EFG-Hermes had asserted that they are against Hermes BOD's stance regarding giving its approval to QInvest deal and not to Planet IB. They said Planet IB had offered a much higher price to seize 100% of the stakes. “So it is not reasonable to refuse such Planet IB's offer which can achieve greater outcome for EFG-Hermes shareholders." They added Worth mentioning, the amount of stakes owned by those number of shareholders, who are against QInvest buyout deal, amounts to 2.051 million which represent 0.1% of EFG-Hermes total stakes. EFG-Hermes' ESM has approved Saturday of EFG-Hermes (HRHO)'s strategic partnership with Qatar's QInvest by the forms of transferring Hermes' stakes in sectors of brokerage, research, asset management, investment bank services and infrastructure investment to EFG-Hermes Qatar for $250 million pursuant to the agreement – Item (1). The ESM has agreed on transferring 60% of EFG-Hermes' stakes in Seed Capital of the asset management business at market value to EFG-Hermes Qatar, pursuant to the agreement – Item (2). Moreover, EFG-Hermes' ESM has approved dividends distribution of 4 Egyptian pounds a share after the acquisition comes into effect which is planned to be by Q3/2012.
