EFG-Hermes plans to raise $51 million in Capital Top-up

Egypt’s EFG-Hermes, one of the largest investment banks in the Middle East, is planning to raise its capital by 391.83 million Egyptian pounds ($51.39 million) by issuing shares, the company said in a statement Monday.

It will distribute 1.46 of the shares for every 10 shares, it said.

It did not give a time frame for the transaction but said it would call shareholders for a regular and an extraordinary general meeting to approve the plan. It also requires stock market approval.F

Source: Reuters