Hermes: Companies’ Ownership To be Transferred to Qatari Investor Worth EGP 700.5 million

EFG-Hermes Holding’s Board of Directors ratified the report presented by the Independent Financial Advisor (IFA), Grant Thornton, to determine the fair value for certain companies owned by EFG Hermes Holding (directly and indirectly), for the purpose of transferring the ownership of EFG-Hermes Management S.A.E. and EFG-Hermes Fixed Income to be directly owned by EFG Hermes Holding S.A.E., and transferring the ownership of those companies to be owned by EFG-Hermes Qatar LLC with EGP 700.5 million.

The list of companies including; Egyptian Fund Management Group S.A.E, Egyptian Portfolio Management Group S.A.E, Brokerage Group S.A.E., Hermes Corporate Finance S.A.E, Hermes Investment Funds Co. S.A.E, Hermes Fund Management S.A.E, Hermes Securities Brokerage S.A.E, EFG-Hermes Promoting and Underwriting S.A.E.

According to the IFA report, the aggregate value of the companies listed above is EGP700.5 million (equivalent to approximately $ 116 million). In addition to the above listed companies, EFG Hermes Holding S.A.E. key businesses in the Arab region (which includes the Brokerage, Research, Asset Management, Investment Banking, and Infrastructure Fund businesses) will also be transferred to EFG-Hermes Qatar LLC in consideration for QInvest injecting USD250 million in the form of a capital increase.