Cairo - Mubasher: The listing committee of the Egyptian Exchange (EGX) said it gave a nod to EFG Hermes Holding to proceed with the process of its capital reduction.

The company seeks to cut its capital from EGP 3.26 billion to EGP 3.07 billion, down by EGP 184.78 million, through the cancellation of 36.96 million treasury stocks.

EFG Hermes saw a decline of 5.8% to EGP 359.1 million in net profits for the first half of 2015, compared with EGP 381.6 million for the same period of the previous year.