Serbian PM calls trade deal a 'new page' in Egypt ties    Reforms make Egypt 'land of opportunity,' business leader tells Serbia    Madbouly touts tripled trade as Egypt, Serbia finalise free trade deal    TMG climbs to 4th in Forbes' Top 50 Public Companies in Egypt' list on surging sales, assets    UN conference expresses concern over ME escalation    Egypt, Japan's JICA plan school expansion – Cabinet    Egypt's EDA, AstraZeneca discuss local manufacturing    Israel intensifies strikes on Tehran as Iran vows retaliation, global leaders call for de-escalation    Egypt issues nearly 20 million digital treatment approvals as health insurance digitalisation accelerates    Russia seeks mediator role in Mideast, balancing Iran and Israel ties    LTRA, Rehla Rides forge public–private partnership for smart transport    Egyptian pound rebounds at June 16 close – CBE    China's fixed asset investment surges in Jan–May    Egypt secures €21m EU grant for low-carbon transition    EHA, Konecta explore strategic partnership in digital transformation, smart healthcare    Sisi launches new support initiative for families of war, terrorism victims    Egypt nuclear authority: No radiation rise amid regional unrest    Grand Egyptian Museum opening delayed to Q4    Egypt delays Grand Museum opening to Q4 amid regional tensions    Egypt slams Israeli strike on Iran, warns of regional chaos    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    Egypt, Serbia explore cultural cooperation in heritage, tourism    Egypt discovers three New Kingdom tombs in Luxor's Dra' Abu El-Naga    Egypt launches "Memory of the City" app to document urban history    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.



EFSA Did Not Reject Hermes-QInvest Deal, But Needs Further Clarification: Experts
Hussein Sobhy Published in Amwal Al Ghad on 26 - 07 - 2012

The Egyptian Financial Supervisory Authority (EFSA)'s announcement regarding halting the joint venture deal between EFG-Hermes (HRHO.CA) and Qatar's QInvest has sparked off conflicting views among capital market experts.
Dr. Ashraf Al-Sharkawy, the Chairman of the Egyptian Financial Supervisory Authority (EFSA), said the authority approved the assembly in form but refused it in terms of content, procedures and decisions.
A number of capital market experts has asserted that EFSA's announcement does not mean that the Hermes-QInvest deal was rejected but EFSA needs more clarification about various points regarding the deal including the minority rights after it is completed.
Accordingly, experts noted that once EFG-Hermes provides EFSA with further clarification on its deal with QInvest including the minority rights, the procedures for the deal will be completed.
“EFSA's request for reconvening Hermes Shareholders' meeting does not mean that the deal is being rejected as EFSA seeks further clarification on the minority's rights in case of sealing this deal." Wael El Nahas, a financial analyst with HA Securities told Amwal Al Ghad
Worth mentioning, EFSA chairman has noted that EFG-Hermes must provide the required information and re-convene the shareholders meeting so that procedures for the deal can be completed.
EFG-Hermes' extraordinary shareholder meeting (ESM), held on June 2nd, ratified QInvest acquisition deal.
As pursuant to the agreement, QInvest shall seize 60% of EFG-Hermes Qatar's capital and 40% of EFG-Hermes Holding.
The ESM also approved of EFG-Hermes' 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 also approved 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).

Clic here to read the story from its source.