REG - EFG-Hermes Holdings - Board of Directors Resolutions

EFG Holding SAEAnnouncement

21/02/2022 07:30

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RNS Number : 2630C  EFG-Hermes Holdings SAE  21 February 2022

 

Summary of Resolutions of the Board of Directors Meeting Held on 20/02/2022

 

 

 

Cairo, February 21(st), 2022: The Board of Directors (the "Board") of EFG
Hermes ("EFG Hermes" or the "Company") convened on Sunday February 20(th),
2022 at 1:30 p.m. (CLT), to discuss the Non-Binding offer "(NBO") submitted
by First Abu Dhabi Bank ("FAB") to acquire a majority stake not less than 51%
of the Company's shares through mandatory tender offer in accordance with Law
95 of 1992 and its executive regulations.

 

The Board recognizes that FAB is one of the MENA region's largest and most
successful financial institutions and that this NBO is a testament to the
successful business model and strong franchise that EFG Hermes has built over
many years.

 

Based on the above, the Board has taken the following decisions:

1.   Appoint Goldman Sachs International as financial advisor and White
& Case as legal counsel to advise the Board on the NBO;

2.   Allow FAB to conduct due diligence on the Company within a scope to be
agreed upon between the two parties in good faith, subject to receipt of the
prior  required regulatory approvals from competent authorities;

3.   Appoint an Independent Financial Advisor to issue a report on the
valuation of the Company in the event that a Mandatory Tender Offer is
launched by FAB, in order to provide guidance to the shareholders and
safeguard their interests.

The Board will make further disclosures in due course.

For further information:

Investor Relations Department

Email: i (mailto:investor-relations@efg-hermes.com)
nvestor-relations@efg-hermes.com

Tel: +20 (0)2 3535 6710

Fax: +20 (0)2 3535 7017

 

Head of Investor Relations - Hanzada Nessim

Email: hnessim@efg-hermes.com

Tel: +20 (0)2 3535 6502

Fax: +20(0)2 3535 7017

www.efg-hermes.com

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