REG - EFG-Hermes Holdings - Fulfillment of CPs Related to AIB Acquisition

EFG Holding SAEAnnouncement

11/10/2021 08:35

RNS Number : 6331O
  
EFG-Hermes Holdings SAE
  
11 October 2021
  
 

 
 
 
 
Fulfillment of CPs Related to AIB Acquisition
 
 
 
 
Cairo, October 11th, 2021: EFG Hermes announces the fulfillment of the conditions precedent related to the completion of the acquisition of 76% of Arab Investment Bank (AIB or the Bank) by The Sovereign Fund of Egypt's (TSFE) Financial Services and Fintech sub-fund and EFG Hermes S.A.E. with the assembly of AIB's extraordinary general meeting on Sunday 10th of October, which approved the Bank's capital increase to be subscribed in full by EFG Hermes and TSFE Sub-Fund. Accordingly, the subscription value was deposited with the Bank, and currently the procedural steps are being undertaken before the competent administrative and regulatory authorities to issue the new shares. Upon the completion of such procedures, AIB issued and paid in capital will be EGP5 billion, whereby EFG Hermes will own a stake of 51% while TSFE Financial Services and Fintech sub fund will own 25% and the National Investment Bank will own the remaining 24% of the bank's capital.
 
 
 
 
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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
ACQFIFFDITLLLIL