REG - EFG-Hermes Holdings - EFG Hermes Announces Agreements with Amazon

EFG Holding SAEAnnouncement

12/05/2022 13:45

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RNS Number : 3151L  EFG-Hermes Holdings SAE  12 May 2022

 

 

 

 

EFG Hermes Announces Agreements with Amazon

 

 

 

 

 

Cairo, May 12(th), 2022:

 

Consumer Financing Services Agreement:

On 12 May 2022, valU Consumer Finance S.A.E. ("valU"), a fully owned
subsidiary of EFG Hermes Holding S.A.E., entered into an Agreement with Amazon
for the Provision of Consumer Financing by valU as a Payment Method on
amazon.eg (the "Commercial Agreement"). Pursuant to the terms of the
Commercial Agreement, valU will make some of its consumer financing products
available to eligible customers on amazon.eg, providing these customers the
option to split the total cost of purchases into multiple payments by using
valU.

Transaction Agreement:

On 12 May 2022, in connection with the entry into the Commercial Agreement,
EFG and Amazon entered into an Option Agreement (the "Transaction Agreement")
whereby Amazon agreed to acquire USD10 million in EFG GDRs with the option to
replace that investment into valU at a future date, translating into a stake
of 4.255% of the issued share capital of valU, based on a current post-money
valuation of valU of USD 235 million. The option will be exercisable prior to
or upon the occurrence of a qualified liquidity event at the level of valU, in
the form of an independent investment involving third party investors, a sale,
or an initial public offering or other listing event, based on the terms and
conditions of the Transaction Agreement.

 

 

 

For further information:

Investor Relations Department

Email: investor-relations@efg-hermes.com

Tel: +20 (0)2 35356710

Fax: +20 (0)2 3535 7017

 

Head of Investor Relations - Hanzada Nessim

Email: hnessim@efg-hermes.com

Tel: +20 (0)2 35356502

Fax: +20(0)2 3535 7017

www.efg-hermes.com

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