Egypt's PM: International backlash grows over Israel's attacks in Gaza    Egypt's PM reviews safeguard duties on steel imports    Egypt backs Sudan sovereignty, urges end to El-Fasher siege at New York talks    Egyptian pound weakens against dollar in early trading    Egypt's PM heads to UNGA to press for Palestinian statehood    As US warships patrol near Venezuela, it exposes Latin American divisions    More than 70 killed in RSF drone attack on mosque in Sudan's besieged El Fasher    Egypt, EBRD discuss strategies to boost investment, foreign trade    DP World, Elsewedy to develop EGP 1.42bn cold storage facility in 6th of October City    Al-Wazir launches EGP 3bn electric bus production line in Sharqeya for export to Europe    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt's Cabinet approves Benha-Wuhan graduate school to boost research, innovation    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    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    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    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    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.



Mona Zulficar: EFG-Hermes To Reconvene Within Week Upon EFSA's Request
Sara Imam Hussein Sobhy Published in Amwal Al Ghad on 31 - 07 - 2012

Mona Zulficar, EFG-Hermes Board of Directors chairperson, has asserted that signing the joint venture deal with QInvest has no causal connection to Al Watany Bank of Egypt (AWB) case in which two Hermes CEOs face charges.
“The main reason behind signing this deal with QInvest is the decline in the profits of Securities Brokerage and Asset Management due to the current circumstances." Zulficar added
“The deal has been signed on the purpose of ensuring shareholders' interests."
In the meanwhile, Zulficar noted that upon Egyptian Financial Supervisory Authority (EFSA)'s request, EFG-Hermes will be reconvening its shareholders' annual meeting within a week or a maximum of 10 days.
“During this meeting, we will provide some additional more detailed disclosures on the QInvest deal and the fate of the minority's rights after signing the deal ... we don't have something to hide behind the scenes."
Referring to any alternative offers Zulficar said: “Planet IB's buyout deal to seize 100% of EFG-Hermes stakes was not serious, it has come quite late as EFG-Hermes group had already signed the strategic alliance with QInvest besides Planet did not file any tender offer applications with EFSA."
On QInvest deal, Zulficar added that EFG-Hermes (HRHO.CA)'s strategic partnership with Qatar's QInvest shall be 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).
She added that 60% of EFG-Hermes' stakes in Seed Capital of the asset management business at market value shall be transferred to EFG-Hermes Qatar, pursuant to the agreement – Item (2).
“QInvest will have the right to acquire from EFG Hermes its entire 40% shareholding at any time after two years from signing of the transaction."
QInvest deal is of $320 million through raising Hermes Qatar's capital, About $60-70 million shall be paid when the deal comes into effect. If Hermes is willing to sell its entire 40% shareholding after two years from signing the deal, QInvest shall pay around $165 million.

Clic here to read the story from its source.