EFSA Requests Probing Planet IB Over Hermes Bid

As EFG-Hermes (HRHO.CA) is finalizing procedures required by Egyptian Financial Supervisory Authority (EFSA) to complete QInvest’s acquisition of 60% of its core operations, EFSA demanded the Prosecution of the Financial and Commercial Affairs to make investigations and file a criminal complaint against Planet IB.

El Borsa daily has been informed that EFSA investigations revealed that Planet IB alliance violated the Capital Market Law and procedures relevant to acquiring EGX-listed companies.

The investigations also revealed that Planet IB was founded after announcing the acquisition plan. Planet had no legal entity when it notified Hermes and EFSA of the purchase plan.

At the end of August, Planet IB dropped Hermes takeover bid after EFSA had said that it will take legal actions against bids to acquire EGX-listed companies without directly referring to Planet.

El Borsa newspaper