EFG-Hermes Holdings (EFGD) - Statement re BoD Resolutions
RNS Number : 4037E
EFG-Hermes Holdings SAE
30 May 2012
Summary of Board of Directors Resolutions
EFG Hermes Holding S.A.E.
Tuesday 29/5/2012, 4:00pm CLT
EFG-Hermes Holding S.A.E. Board of Directors approved the following:
Ratification of the report presented by the Independent Financial Advisor
(IFA), Grant Thornton, to determine the fair value for certain companies owned
by EFG Hermes Holding (directly and indirectly) as per Article (33) of the
Egyptian Financial Supervisory Authority's Listing and Disclosure Rules, for
the purpose of transferring the ownership of EFG-Hermes Management S.A.E. and
EFG-Hermes Fixed Income to be directly owned by EFG Hermes Holding S.A.E., and
transferring the ownership of the below listed companies to be owned by
EFG-Hermes Qatar LLC (sister company):
1- Egyptian Fund Management Group S.A.E.
2- Egyptian Portfolio Management Group S.A.E.
3- Financial Brokerage Group S.A.E.
4- Hermes Corporate Finance S.A.E.
5- EFG-Hermes Investment Funds Co. S.A.E.
6- Hermes Fund Management S.A.E.
7- Hermes Securities Brokerage S.A.E.
8- EFG-Hermes Promoting and Underwriting S.A.E.
According to the IFA report, the aggregate value of the companies listed above
is EGP700.5 million (equivalent to approximately USD116 million). In addition
to the above listed companies, EFG Hermes Holding S.A.E. key businesses in the
Arab region (which includes the Brokerage, Research, Asset Management,
Investment Banking, and Infrastructure Fund businesses) will also be
transferred to EFG-Hermes Qatar LLC in consideration for QInvest injecting
USD250 million in the form of a capital increase.
The meeting ended at 05:00pm Cairo Local Time.
This information is provided by RNS
The company news service from the London Stock Exchange
STRGMGFKGGVGZZM -0- May/30/2012 10:09 GMT
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