EFG-Hermes IB Limited Buys 6.44% Stake in EFG-Hermes

By Yomna Yasser On Jul 31, 2014

Egypt’s biggest investment bank, EFG-Hermes (HRHO.CA), announced Thursday that its wholly owned company, EFG Hermes IB Limited, bought a 6.44% stake in the company.

The company added in a statement to the stock exchange on Thursday that EFG-Hermes IB Limited bought 36.9 million treasury stocks worth EGP 566.1 million at an average price of EGP 15.32 per share.

EFG Hermes is Egypt’s biggest investment bank by market capitalization, with operations in Egypt, Saudi Arabia, the United Arab Emirates, Kuwait, Jordan, Lebanon, Oman and Qatar.