EFG-Hermes said it will announce the date of its extraordinary shareholders meeting with a week. EFG-Hermes added that its ESM aims to provide its shareholder with all the disclosures and details; QInvest buyout deal in particular regarding the acquisition of 60% of Hermes stakes. EFG-Hermes official source noted that once the group obtains the shareholders' approvals, all the necessary procedures to conclude QInvest acquisition deal would be then completed. In the meanwhile, Hermes asserted that the group is confident that the previously announced plan for the deal will be completed by the end of the third quarter of 2012 after completing all the necessary procedures as pursuant to the local and international regulations on the acquisition deals. Worth mentioning, Dr. Ashraf Al-Sharkawy, the chairman of Egyptian Financial Supervisory Authority (EFSA), had stated that EFG-Hermes did not provide the required information and further disclosures including the fate of minority rights after the deal is completed as well as the financial mechanism regarding dividend distribution. Al-Sharkawy noted that the EFSA has asked EFG-Hermes for more disclosures including the future of the group, its capital and fate of its minority, but it did not respond yet. "EFG-Hermes has to provide first the required disclosures, submit them to EFSA, and then call for reconvening its ESM, until the acquisition deal procedures are completed." Al-Sharkawy added EFG-Hermes and QInvest sealed the agreement in May to hive off EFG's investment banking business in a joint-venture in which state-backed QInvest would hold a 60 percent stake.
