Egypt Today: The Egyptian Financial Group Hermes Holding (EFG Hermes) completed the conditions for acquiring 76 percent of the capital of the Arab Investment Bank by the Sovereign Fund of Egypt consortium.
EFG Hermes indicated in a filing to the Egyptian Exchange (EGX) that the extraordinary general assembly of the Arab Investment Bank approved on Sunday, Oct. 10, the subscription of the company and the subsidiary fund to increase the bank's capital.
It explained that the two parties deposited the value of the increase with the bank, and the necessary procedural steps are being completed before the competent executive and supervisory authorities regarding the issuance of capital increase shares.
Hermes noted that with the completion of the increase in the coming days, the bank's issued and paid-in capital will become LE 5 billion, and Hermes will own 51 percent of the bank's capital shares, the subsidiary fund will own 25 percent and the National Investment Bank will own 24 percent of the bank's capital.
During the first half of 2021, EFG Hermes achieved profits of LE 754.95 million during the six months ending last June, compared to profits of LE 422.97 million in the comparative period of 2020, taking into account minority rights.
The company's revenues rose to LE 3.59 billion during the first half of 2021, compared to revenues of LE 2.92 billion in the comparable period in 2020.