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Egypt's EFG-Hermes seeks to raise $51 mln in capital hike

Reuters , Monday 20 Apr 2015
 EFG-Hermes
People exit the new headquarters of Egypt-based investment bank EFG-Hermes, on the outskirts of Cairo, October 19, 2010 (Photo: Reuters)
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Egypt's EFG-Hermes, one of the Middle East's largest investment banks, is seeking to raise its capital by 391.83 million Egyptian pounds ($51.39 million) by issuing shares, the company said in a statement on Monday.

It will distribute 1.46 of the shares for every 10 shares, it said.

It did not give a time frame for the transaction but said it would call shareholders for a regular and an extraordinary general meeting to approve the plan. It also requires stock market approval.

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