By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt to issue new bonds for climate, social goals
    Egypt to issue new bonds for climate, social goals
    September 27, 2023
    Saudi Public Investment Fund eyes stake in Palm Hills Development
    Saudi Public Investment Fund eyes stake in Palm Hills Development
    September 27, 2023
    UNDP, MBRF launch online learning initiative for Arab countries
    UNDP, MBRF launch online learning initiative for Arab countries
    September 27, 2023
    Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services
    Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services
    September 27, 2023
    GAFI to grant 45 more golden licences to boost investment
    GAFI to grant 45 more golden licences to boost investment
    September 27, 2023
  • Politics
    PoliticsShow More
    Egypt’s Irrigation Minister highlights climate challenges for water sector
    Egypt’s Irrigation Minister highlights climate challenges for water sector
    September 27, 2023
    CCCPA, Senghor University join forces for African peace, development
    CCCPA, Senghor University join forces for African peace, development
    September 27, 2023
    Arab League chief urges more funding, investment for food security
    Arab League chief urges more funding, investment for food security
    September 27, 2023
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    September 27, 2023
    vPalestine urges international action to end Israeli occupation, crimes
    Palestine urges international action to end Israeli occupation, crimes
    September 26, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Investment minister: EFG Hermes-Qinvest deal to be finalised by 3 May
Share
Notification
Latest News
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Science
Earthworms contribute to 6.5% of global grain production, says new research
Earthworms contribute to 6.5% of global grain production, says new research
Science
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Science
Egypt to issue new bonds for climate, social goals
Egypt to issue new bonds for climate, social goals
Business
Saudi Public Investment Fund eyes stake in Palm Hills Development
Saudi Public Investment Fund eyes stake in Palm Hills Development
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Economy > Investment minister: EFG Hermes-Qinvest deal to be finalised by 3 May
BusinessEconomy

Investment minister: EFG Hermes-Qinvest deal to be finalised by 3 May

Mohamed Salah
Last updated: 2013/04/29 at 7:37 PM
By Mohamed Salah 3 Min Read
Share
The proposed joint venture between EFG Hermes and Qatar-based investment bank QInvest has been terminated due to both parties not receiving the necessary regulatory approvals from the Egyptian Financial Supervisory Authority (EFSA) (DNE Photo)
SHARE
A final decision on the partnership deal between EFG Hermes and Qatar-based investment bank QInvest is likely be finalised before 3 May, the deadline for concluding the deal, (DNE Photo)
A final decision on the partnership deal between EFG Hermes and Qatar-based investment bank QInvest is likely be finalised before 3 May, the deadline for concluding the deal,
(DNE Photo)

A final decision on the partnership deal between EFG Hermes and Qatar-based investment bank QInvest is likely be finalised before 3 May, the deadline for concluding the deal, stated Minister of Investment Ossama Saleh.

Saleh said in a press conference held on Saturday in Suez that “some of the papers are being reviewed and the final decision will come before 3 May”, adding that an announcement will be made during that period declaring whether the deal is completed or not.

EFG Hermes said in a press release on 7 April, however, that it will be hard to implement the merger if it does not get the approval of the Egyptian Financial Supervisory Authority (EFSA) before 3 May, as the deadline for ratification falls on this day. He mentioned that the deal with QInvest will inject $300m into the Egyptian economy.

A clause in the agreement signed with QInvest on 4 May 2012 stipulates that the transaction is to be cancelled after 12 months if it does not receive regulatory approval.

Last June, EFG Hermes shareholders approved entering into a strategic partnership with QInvest for the establishment of a regional investment bank covering the Arab world, Africa, Turkey, and Southeast Asia.

Under that agreement QInvest will control 60% of the new bank, which will be renamed EFG Hermes Qatar, and will provide $250m to increase its capital.

EFG Hermes said last week that the renewal of the agreement with QInvest may become futile in the light of changes in economic conditions and the rise of the US dollar, in addition to the loss of confidence in obtaining EFSA approval.

Ashraf Al-Sharqawy, the head of EFSA, said in early April that the deal documentss are still incomplete, but Hermes said in a statement that it is waiting to obtain “letters from the authorities” allowing it to merge with QInvest after answering EFSA’s comments.

EFG Hermes’ stock reached a five-month low last week, triggered by uncertainty surrounding the deal.

Hermes operates brokerage, advisory, asset management and private equity subsidiaries, in addition to owning a controlling stake in Beirut-based retail bank Credit Libanais.

You Might Also Like

Egypt to issue new bonds for climate, social goals

Saudi Public Investment Fund eyes stake in Palm Hills Development

UNDP, MBRF launch online learning initiative for Arab countries

Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services

GAFI to grant 45 more golden licences to boost investment

TAGGED: Credit Libanais, Deal, EFG Hermes, EFSA, merger, QInvest
Share this Article
Facebook Twitter Email Print
Previous Article Cairo Supply Directorate: 93% of bakeries set to employ new baking system
Next Article Galaxy S4 now available in Egypt
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Science
Earthworms contribute to 6.5% of global grain production, says new research
Earthworms contribute to 6.5% of global grain production, says new research
Science
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Science
Egypt to issue new bonds for climate, social goals
Egypt to issue new bonds for climate, social goals
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?