Egypt’s EFG-Hermes, one of the largest investment banks in the Middle East, is in the process of acquiring further 17.3 percent in Tanmeyah Micro Enterprise Services, it said Thursday.
EFG-Hermes will acquire 17.3 percent stake owned by Egyptian Gulf Bank in Tanmeyah for 77.9 million Egyptian pounds ($8.7 million).
Earlier in March, EFG-Hermes announced that it entered into a binding agreement to acquire 76.7 percent of Tanmeyah Microenterprise Services SAE for 345 million pounds. EFG acquired a 70 percent stake owned by Qalaa Holdings’ Finance Unlimited subsidiary; in addition to 6.7 percent held by Tanmeyah’s management.
Upon the completion of the new acquisition, EFG-Hermes would own 94 percent stake in Tanmeyah for a total of 432 million pounds.
Established in 2009, Tanmeyah provides financial services to Egypt’s large underserved micro- and very-small-enterprise tiers. Tanmeyah had EGP 509 million in loans outstanding to 108,000 active borrowers at the end of 2015. The company has more than 1,500 employees today at 114 branches across Egypt and has served more than 365,000 clients since inception.
