Hermes to Consider Minority’s Rights Tomorrow

Big 5

EFG Hermes Online will hold the extraordinary general assembly meeting on Sunday, in order to discuss the Egyptian Financial Supervisory Authority’s (EFSA) queries regarding the rights of the minority groups in the company, in addition to the mechanisms of financing the dividends, given that the company has decided allocating EGP 4 per share and the impact of that on shareholders’ equity.

According to the agreement, Qinvest, Qatar’s leading investment bank will invest $ 250 million in Hermes EFG, and will own 60% in QInvest and 40% in EFG – Hermes Holding.

On his part, Dr.Ashraf El-Sharkawy, Chairman of EFSA, stated that that the reason behind the Authority’s disapproval of the decisions of the former Assembly was that the company did not show commitment concerning responding to EFSA’s questions about how this agreement will affect the rights of the minority.

Wael Nahas, CEO of HA Brokerage, stressed that the Authority’s request to stage another general assembly meeting does not mean that EFSA is against QInvest agreement, rather it can be seen as a way to negotiate the minority’s rights.