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
EFG Hermes, a leading investment bank in the Arab world, has appointed finance industry veteran Khalid Ellaicy as the firm’s new chief financial officer (CFO).
Ellaicy, who assumes his duties at EFG Hermes effective today (J
InfraMed, a key infrastructure fund from leading Arab investment bank EFG Hermes, has made a $40 million investment in Jordan’s first utility-scale wind farm which will help boost the country’s total power generation capacity by thre
EFG Hermes, a leading investment bank in the Arab world, reported a 38 per cent year-on-year rise in net profit after tax for the third quarter to EGP116 million ($16.84 million) on revenues of EGP528 million.
Revenues in Q3 grew
EFG Hermes, Egypt's largest investment bank, said its co-chief executive had resigned after 18 years with the firm.
Hassan Heikal, who is also a board member, will leave the company on October 31, according to a statement post