REG - EFG-Hermes Holdings - Update on valU/Amazon Agreements

EFG Holding SAEAnnouncement

17/05/2022 08:15

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RNS Number : 7511L  EFG-Hermes Holdings SAE  17 May 2022

 

Updated Disclosure on valU/Amazon Agreements in response to inquiries received
by the Company

 

Cairo, May17(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 is valid for 5 years, and
will be exercisable prior to or upon the occurrence of a qualified liquidity
event (subject to any applicable regulatory approvals) 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, regardless of the price of EFG
GDRs or EFG shares at the time of exercise.

 

 

 

For further information:

Investor Relations Department

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