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EGX studies EFG Hermes capital cut request

EGX studies EFG Hermes capital cut request
Photo Credit: Arabianeye-Reuters
EFG Holding
HRHO
-2.49% 17.65 -0.45

Cairo - Mubasher: The Egyptian Exchange (EGX) said that it is set to examine the capital reduction request of EFG Hermes Holding.

Earlier, EFG Hermes board gave a nod to reduce the company's issued capital by EGP 184.78 million from EGP 3.26 billion to EGP 3.07 billion.

The capital reduction will be effected through cancelling 36.96 million treasury stocks, said a bourse filling Thursday.

EFG-Hermes earlier reported net profits of EGP 359.1 million for the first half of 2015, down 5.8% from EGP 381.6 million in the comparable period of the previous year.