EFG Hermes shareholders OK QInvest deal

Approval of tie-up comes after regulator's demands for more information on deal were met
EFG Hermes shareholders OK QInvest deal
By Reuters
Sun 16 Sep 2012 04:45 PM

Shareholders of EFG Hermes, Egypt's biggest investment bank, reaffirmed on Sunday their approval of a planned tie-up with Qatar's QInvest after demands by the regulator for more information on the deal were met, EFG said in a statement distributed by the stock exchange.

The Egyptian Financial Supervisory Authority (EFSA) had rejected decisions approved by EFG shareholders in June because the firm had not clarified points including minority rights.

EFG and QInvest sealed the agreement in May to hive off EFG's investment banking business in a joint venture in which state-backed QInvest would hold a 60 percent stake.

EFG's shares were trading 2.6 percent higher at 1045 GMT.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.