EFG-Hermes shareholders’ extraordinary general meeting has approved the partnership with Qatar’s QInvest, through EFG-Hermes Qatar. The partnership items provide that Qatar’s QInvest has to inject $ 250 million to “EFG-Hermes” Qatar. After implementing the deal, QInvest will have 60%, while 40% for the Holding EFG-Hermes.
The shareholders also approved the report of Fair-Value study, which submitted by the financial adviser of Grant Thorton, and ratified by the board of the Group on 25-05-2012. Additionally,they approved selling the full share of the Holding EFG-Hermes in sectors of securities brokerage, research, assets management and investment banks services, in addition to investment in infrastructure sector, to EFG-Hermes Qatar in return for $ 250 millions.
They ratified disturbing EGP 4 on security for the shareholders after making the deal, and the impact of that on shareholders’ equity.
The company will surrender its trademark EFG-Hermes to EFG-Hermes Qatar, for one year since making the deal, and changing the name of the Holding EFG-Hermes to Egyptian Financial Group.
The company will have the right to sell its own share in EFG-Hermes Qatar capital, which is 40%, in return for EGP 1 billion. Also it has the option to buy the Qatar’s QInvest share in return for $ 165 million at least, according to the agreement conditions.