EFSA Certifies Formally EFG Hermes Holding EGM Minutes, EFG Hermes to Call for Another EGM in The Near Future
The Egyptian Financial Supervisory Authority (EFSA) certified formally yesterday EFG Hermes’ EGM minutes which was held on 2nd June 2012 and approved the QInvest transaction. However, on the substance EFSA had certain reservations, which according to EFSA, relate to additional disclosures that should have been put to shareholders attention.
During the above mentioned EGM, EFG Hermes Holding reported to its shareholders on the terms of the QInvest transaction. However, the company will call for another EGM in the near future to provide additional disclosure (as requested by EFSA) in compliance with its policy of full transparency.
The firm remains confident that the deal will close within the previously stated timeframe of Q3 2012.
EFG Hermes has a longstanding commitment to a robust corporate governance framework that both adheres to global best practices and meets or exceeds the legal and other requirements imposed by regulators in the markets in which it operates. As the largest investment bank in Egypt and the Arab world, the firm is moreover held to a strict international audit policy.