Egypt’s EFG-Hermes seeks to raise $51 million in capital hike

Dubai:

Egypt’s EFG-Hermes, one of the Middle East’s largest investment banks, is seeking to raise its capital by 391.83 million Egyptian pounds ($51.39 million) by issuing shares, the company said in a statement on Monday.

It will distribute 1.46 of the shares for every 10 shares, it said.

It did not give a time frame for the transaction but said it would call shareholders for a regular and an extraordinary general meeting to approve the plan. It also requires stock market approval.