EGX to list EFG-Hermes shares Jan 11 amid cutting capital to $416mn

By Noha Gad On Jan 7, 2016

Egyptian Financial Group Hermes Holding’ post-capital cut shares are set to be listed in the stock market on January 11, the Egyptian Exchange (EGX) announced Wednesday in a statement.

EGX’s listing committee stated that the capital of the company is set to be cut from 3.26 billion Egyptian pounds (US$416.4 million) to 3.1 billion pounds, distributed across 614.9 million shares at 5 pounds par value each.

According to the statement, the capital cut will be effected through the cancellation of 37 million treasury stocks.

EFG-Hermes currently operates with EGP 2.9 billion, distributed across 573.5 million shares at EGP 5 par value each.