EFG-Hermes: No Penalty Clause In QInvest Deal In Case of Annulment
EFG-Hermes Holding (HRHO.CA) asserted in a statement made on Tuesday that the signed deals with QInvest regarding the strategic alliance do not include a penalty clause in case of terminating or annulling but it may include like any contracts
EFG-Hermes’ extraordinary shareholder meeting (ESM), held on June 2nd, has ratified QInvest acquisition deal.
As pursuant to the agreement, QInvest shall seize 60% of EFG-Hermes Qatar’s capital and 40% of EFG-Hermes Holding.
The ESM has approved of EFG-Hermes (HRHO)’s strategic partnership with Qatar’s QInvest by the forms of transferring Hermes’ stakes in sectors of brokerage, research, asset management, investment bank services and infrastructure investment to EFG-Hermes Qatar for $250 million pursuant to the agreement – Item (1).
The ESM has also approved transferring 60% of EFG-Hermes’ stakes in Seed Capital of the asset management business at market value to EFG-Hermes Qatar, pursuant to the agreement – Item (2).
