EFG-Hermes: QInvest Deal Threatened By Egypt Regulator Approval Delay

EFG Hermes (HRHO.CA) said on Sunday it was still waiting for approval from Egyptian regulators for a deal with Qatari investment company QInvest, which lapses on May 3 unless cleared by then.

EFG said in a statement it had received regulatory approval in various countries for the deal, under which it would initially inject its core business into a joint venture 60 percent controlled by QInvest.

“If EFG does not receive a ‘no objection’ from the (Egyptian Financial Supervisory) Authority in the coming days, it will be difficult to implement the joint venture agreement,” the Egyptian company said.