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EFG Hermes, CI Capital, Beltone acquire 9.9% of Egypt’s commodities exchange

EFG Hermes, CI Capital, Beltone acquire 9.9% of Egypt’s commodities exchange
The new commodities exchange will help regulate prices in the local market
CI Capital Holding
CICH
3.93% 3.70 0.14
Beltone Financial
BTFH
2.80% 2.57 0.07
EFG Hermes
HRHO
-2.02% 12.64 -0.26

Cairo – Mubasher: The Egyptian Financial Group Hermes Holding (EFG Hermes), CI Capital Holding For Financial Investments, and Beltone Financial Holding acquired 9.9% or 9 million shares of the company managing the Egyptian Commodities Exchange, an official document showed on Thursday.

The Egyptian Commodities Exchange's management firm has been established at a capital of EGP 91 million which will be held by several entities. 

The Egyptian Exchange (EGX) will own 34% of the company, while the General Authority For Supply Commodities (GASC) will hold 11%, the Egyptian Holding Company for Silos and Storage 5.5%, and the Internal Trade Development Authority 5.5%.

Moreover, the National Bank of Egypt (NBE) and Banque Misr will each own 6.6%, while the Agricultural Bank of Egypt will hold 9.9%.

Misr Insurance Holding Company and Misr for Central Clearing, Depository and Registry (MCDR) will each own 5.5%.

The new commodities exchange will help regulate prices of key commodities in the local market, the Minister of Supply and Internal Trade, Ali El-Moselhy, said.