EFG-Hermes shareholders approve QInvest deal

Reuters, Sunday 16 Sep 2012

Egypt's largest investment bank clears another hurdle on route to tie-up with Qatari financial giant

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 per cent stake.
EFG's shares traded up 3.47 per cent in Sunday trade on Egypt's stock exchange.
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