EFG-Hermes Sources told Amwal Al Ghad that the QInvest deal to seize 60% of the Group stakes will go ahead within the second week of the coming August after receiving the regulatory approvals from six out of nine Arab countries in which Hermes owns offices.

EFG Hermes employs about 1,080 people in nine direct Arab markets including Egypt, Saudi Arabia, UAE, Qatar, Kuwait, Jordan, Oman, Syria, and Lebanon.

“EFG-Hermes has obtained the Egyptian Financial Supervisory Authority (EFSA)’s approvals regarding QInvest acquisition deal.” The source added

The sources noted that QInvest deal does not include EFG-Hermes activities in Syria and Lebanon.

“Qatar’s QInvest will pay EFG-Hermes Holding EGP 360 million ($60 million) for 60% of its stakes in Asset Management.”

It is notable that EFG-Hermes Asset Management values at EGP 570 million according to the last estimates made on May 7th.

Pursuant to the agreement, QInvest is awaiting an increase of $ 250 million of its capital to perform the payment.

This comes after EFG-Hermes board hold its meeting in Dubai on May 3th and approved the partnership with QInvest.

Negotiations between EFG-Hermes and QInvest on holding a majority stake in the region-wide new investment bank have revealed that Jassim bin Hamad bin Jassim bin Jaber, the Qatari prime minister’ son, shall be QInvest chairman.

QInvest will inject $250 million in the venture through raising Hermes Qatar’s capital. EFG-Hermes will then acquire only 40% of the seed capital.

EFG-Hermes Holding (HRHO.CA)’s capital values at EGP 2.391 million distributed to 478.294 million securities in which the par value amounts to EGP 5 a share.

Forex Videos »

Insecurity in Mali worsens food crisis

Nigeria's apparent complacency about Western oil companies' theft-Africa Today-06-19-2012

Is British/Canadian desperation for Tanzanian gold a result of recession?-Africa Today-06-12-2012

OPEC Expected to Reduce Output If Oil Falls Further