Qatar’s QInvest will pay EFG-Hermes Holding (HRHO.CA) EGP 360 million ($60 million) for 60% of its stakes in Asset Management, close sources told Amwal Al Ghad.
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, was responsible for those negotiations so as to control 60% of the bank as for being the chairman of QInvest.
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’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.
