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FRA approves capital raise of EFG Hermes

FRA approves capital raise of EFG Hermes
The company's issued capital will be raised to EGP 4.86 billion
EFG Hermes
HRHO
0.24% 12.42 0.03

Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of a disclosure form submitted by the Egyptian Financial Group Hermes Holding (EFG Hermes) to increase its capital. 

The disclosure form includes the board's decision to raise the company's issued capital to EGP 4.86 billion from EGP 4.61 billion by issuing 50.52 million shares worth EGP 253.64 million or EGP 5 apiece, the FRA said in a statement to the Egyptian Exchange (EGX) on Monday. 

During the first half (H1) of 2021, EFG Hermes posted consolidated net profits of EGP 754.95 million, up from EGP 422.97 million In H1-20, including minority shareholders' rights.