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Reading: EFG Hermes to exit Pakistani, Jordanian markets
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Dailynewsegypt > Blog > Business > EFG Hermes to exit Pakistani, Jordanian markets
Business

EFG Hermes to exit Pakistani, Jordanian markets

Daily News Egypt
Last updated: 2023/01/19 at 12:25 PM
By Daily News Egypt 3 Min Read
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EFG Hermes to exit Pakistani, Jordanian markets
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EFG Hermes has decided to exit the Pakistan and Jordan market. The group said on Tuesday that its decision comes within the framework of its constant endeavour to maximize the return to shareholders.

The group added that it aims to enhance the company’s current ability to overcome the challenges in the global economy.

It explained that EFG Hermes is committed to providing its services to an institutional client base, which includes indirect trading services and research coverage.

It indicated that it will continue to provide promotion and underwriting services, but in a more efficient manner in terms of the use of capital.

It is worth noting that the process of exiting the markets of Pakistan and Jordan will not have a significant impact on the company’s revenues, as the combined contribution of the two companies to the total operating revenues of the group in the nine months ending in September 2022 and fiscal year 2021 amounted to less than 1%.

It added that their contribution to the total revenues of the brokerage sector was 2% and 3%, respectively, in the same mentioned periods.

It also pointed out that despite this small contribution, these operations put pressure on operating expenses and additional resources provided by the holding company.

Additionally, it pointed out that the capital invested in these markets can be redirected to other aspects that achieve a higher investment return.

According to the statement, the two exit deals from the Pakistan and Jordan markets are in a preliminary stage, as the group received a binding offer with regard to Jordan and an initial offer with regard to Pakistan. The completion of the two deals is still conditional on conducting the due diligence examination and some other conditions.

It will continue to evaluate the operational performance of the various operations of the group in 2023, which may lead to taking other measures aimed at raising efficiency. However, it is not expected for the company to exit from any other markets during the next 12 months other than the aforementioned third market.

It confirmed that it will remain committed to the main markets in which it operates, adding that it currently enjoys a strong financial position characterized by net cash liquidity, which may be positively affected, albeit marginally, by these exits.

Hermes expected that the impact of the exits would be limited on the financial statements for the year 2023.

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