Egypt’s EFG Hermes in talks to buy Nigeria brokerage, chases IPOs

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Egyptian investment bank, EFG Hermes is chasing private sector IPOs and mid-market mergers and acquisitions in Saudi Arabia, co-head of investment banking Mohamed Fahmi said.

Fahmi said many potential candidates for IPOs in the kingdom are looking at dual listings and at issuing global depository receipts (GDRs).

These listing options have not been approved yet but the Capital Markets Authority of Saudi Arabia is looking to implement them, he said.

Fahmi reiterated that EFG is in talks to acquire Nigerian broker Primera Africa.

EFG Hermes in July said it entered Nigeria as a market with long-term growth potential after undergoing a series of reforms including currency devaluation.

Source: Reuters