Planet IB Consortium has unofficially asked EFG-Hermes Holding (HRHO.CA) to submit a detailed letter regarding QInvest deal. Planet IB asked to submit this letter to EFG-Hermes shareholders so that they would be well-acquainted with the signed deal. A source close to the deal said EFG-Hermes shareholders need to be provided with the full details of QInvest partnership so as to approve it or not. “EFG-Hermes shareholders see that it is quite normal and legal to ask for the full details of the deal before taking such a crucial decision which would affect their interests." The source added Elsewhere, the last few days have witnessed a series of contradictory statements made by EFG-Hermes Holding and Planet IB due to the latter's quest for the buyout deal, while Hermes BOD insists on QInvest deal completion. War of statements seem to break out between Planet and EFG-Hermes. This war has started when Planet announced its plans to take over 100% of EFG-Hermes stakes offering higher price for the deal. Yet, EFG-Hermes went on following up the necessary procedures to complete its signed deal with QInvest for being the best among other offers. Hence, Planet has tried to collect the lawful percentage of EFG-Hermes shareholders (5%) who are against the completion of QInvest deal but no further notifications on this matter have been revealed up till now. Mona Zulficar, EFG-Hermes' Board of Directors Chairperson, has asserted that Planet IB's announcement of a buyout deal to seize 100% of EFG-Hermes (HRHO.CA) stakes was not serious and it did not follow the appropriate legal procedures. She added that Planet IB's buyout deal has come quite late as EFG-Hermes group had already signed the strategic alliance with QInvest describing the offered price worth EGP 13.5 a share Planet set as unfair. “EFG-Hermes did not sell its entire stakes but It had sold some of its sectors which posted losses during the previous period due to deteriorated economic situation and capital market downward performance after the 25th January Revolution." Zulficar said “QInvest acquisition deal shall come into effect within next September after obtaining EFSA's approvals of increasing the EFG-Hermes capital to reach the acquisition value." Zulficar added Yasser El Mallawany, CEO of EFG-Hermes Holding, said the company has sold some of its activities in which the outcome shall be in the form of capital raise for the Group. El Mawallany also asserted that EFG-Hermes had not refused Planet IB's buyout deal as the Group is still receiving all the buyout offers to be reviewed after the Egyptian Financial Supervisory Authority (EFSA)'s approvals. “If Planet IB has an earnest willing to present a buyout offer for EFG-Hermes, it must first present it to the EFSA and EFG-Hermes shall study the offer afterwards." El Mawallany added In the meanwhile, EFG-Hermes has asserted that it would remain taking all the necessary procedures so as to ensure the interests of the company, shareholders and staff. “Planet has launched a misleading and illegal campaign which made EFG-Hermes to take the necessary legal procedures." The EFG-Hermes said in a statement made Sunday, Amwal Al Ghad had a copy In its statement, EFG-Hermes added that Planet has sent two letters of intent to begin due diligence of an intended tender offer for 100% of EFG-Hermes Holding but still it did neither show the necessary guarantees for the tender finance nor provide information about the company's investors and their duties. Moreover, Mahmoud Abdul Latif - Planet IB Chairman – was astonished by EFG-Hermes' rejection of the acquisition deal offered by Planet saying that the Consortium has offered a deal that is more profitable than of QInvest.
