QInvest Deal To Come In Effect In September … Entire Stakes Not Sold: Mona Zulficar
Mona Zulficar, EFG Hermes’ Board of Directors Chairperson, told Amwal Al Ghad that after the AGM’s ratification of QInvest acquisition deal, EFG-Hermes shall start completing the rest of the procedures necessary for the deal with the Egyptian Financial Supervisory Authority (EFSA).
“QInvest acquisition deal shall come into effect within next September after obtaining EFSA’s approvals of increasing the EFG-Hermes capital to reach the acquisition value.” Zulficar added
“EFG-Hermes did not sell its entire stakes but It had sold some of its sectors which posted losses during the previous period due to deteriorated economic situation and capital market downward performance after the 25th January Revolution.” Zulficar told the shareholders during the AGM
Zulficar added that EFG-Hermes’ financial statements during the Q1/2012 would reveal business results of those sectors.
“QInvest Deal will inject new investments to develop these sectors.”
