Egypt’s EFG-Hermes Says To Raise Capital Via Bonus Shares

By Yomna Yasser On May 15, 2013

EFG Hermes (HRHO.CA), Egypt’s biggest investment bank, is seeking to raise its capital to 2.87 billion Egyptian pounds ($412.1 million) from 2.39 billion by issuing bonus shares, the bank said in a statement to the country’s bourse the Egyptian Exchange (EGX) on Tuesday.

EFG plans to issue one free share per five shares held, the statement said, adding that the financial regulator must approve the decision.