Egypt's EFG Hermes reported second-quarter net profit of E£177.487 million ($22.67 million), down from £220.531 million in the previous year, the company said in a statement on Wednesday.
The company reported net r
EFG Hermes announced today the appointment of Sadiq Hussain as managing director at the firm’s asset management division, to head business development.
With 25 years of international experience in emerging and regional marke
Sadiq Hussain, JP Morgan's head of equities for the Middle East and North Africa, will join Egypt's EFG Hermes in August as head of business development for asset management, a source familiar with the matter said.
Egypt's EFG Hermes Holdings said its private equity arm bought a 49 per cent stake in wind power firm EDPR France for $208 million, according to a statement on Wednesday, its first investment outside the Middle East and Africa.
EFG Hermes, one of the largest investment banks in the Middle East, posted a net profit of 188 million Egyptian pounds ($26.3 million) in the second quarter of 2014 after a net loss of 80 million pounds in same quarter last year.
EFG Hermes said on Saturday an independent financial adviser had set its fair share price at 22.93 Egyptian pounds ($3.21), 30 per cent higher than the price offered by Beltone and New Egypt Investment Fund for a stake in the investment bank.
Egypt's Beltone Financial Holding will offer itself for acquisition by EFG Hermes if it is successful with a joint bid for a 20 per cent stake in the investment bank, according to the offer document seen by Reuters ahead of its publication.
Egyptian billionaire Naguib Sawiris is backing a $257 million bid for 20 percent of investment bank EFG Hermes, sources said, in what could be a sign of revived investor appetite in Egypt after more than three years of economic stagnation.
EFG Hermes, Egypt's largest investment bank, said it is lining up share flotations for three firms worth a combined $300 million-plus this year, the first on the Cairo exchange since before the fall of autocrat Hosni Mubarak in 2011.
EFG Hermes Holding, a leading investment bank, has finalised a share buyback programme that will aim at returning EGP1 billion ($143.3 million) to the company’s shareholders during the first nine months of 2014.
The first ph