EFG-Hermes has today agreed to subscribe for 9.97% of the share capital of Panmure Gordon through the placing of 6,732,675 million new shares for cash by Panmure Gordon to EFG-Hermes at a price of 47p per share. Following the completion of the capital increase EFG-Hermes Holding will hold an interest of 9.06% in the voting rights in Panmure Gordon.
In welcoming EFG-Hermes as a shareholder in the company Tony Caplin, Chairman of Panmure Gordon said: "The markets we operate in are becoming more international and the opportunities available through a business relationship with EFG-Hermes are compelling. The ability to access EFG-Hermes' clients for our UK and US research and investment banking products is exciting and will give us a major competitive advantage. We see considerable business opportunities in providing reciprocal access for EFG-Hermes to our client base in the UK, Europe and the US. We also believe there are opportunities to develop new business streams. I am delighted to welcome EFG-Hermes as a new substantial shareholder in the business."
Since its launch in 1984, EFG-Hermes has expanded aggressively across MENA following a distinct regional strategy that has seen it establish on the ground presence in Egypt, the UAE, KSA, Qatar and Oman. The company is committed to its ability to service its regional as well as its international clients in all areas of its business and the partnership with Panmure Gordon falls directly in line with this objective both in terms of product offering and accessibility.
Hassan Heikal, the CEO of EFG-Hermes said: "We have great respect for the business and the management team of Panmure Gordon and see an opportunity to develop a partnership that can drive very real benefits for our respective clients. For EFG-Hermes, this only strengthens our ability to service our client base in the Middle East, UK & the US which will continue to be the focus of our strategy. The announcement is further testament to the growing importance of the regional markets on the global investment stage and EFG-Hermes’ position at the forefront of this development.”