Cairo – Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) received the approval of the Financial Regulatory Authority (FRA) to proceed with the capital raise process through bonus shares.  

The board members agreed to increase the authorised capital to EGP 30 billion from EGP 6 billion, according to a bourse filing.

Moreover, the EGX-listed firm plans to hike the issued capital by EGP 1.45 billion to EGP 7.29 billion from EGP 5.83 billion. The raise amount will be distributed over 291.92 million shares at a nominal value of EGP 5 per share.

Last year, the consolidated net profit after tax of EFG Hermes widened to EGP 2.19 billion from EGP 1.67 billion in 2021, including non-controlling interest.

Meanwhile, the company's standalone net profits after tax reached EGP 2.09 billion as of 31 December 2022, higher than EGP 543.63 million a year earlier.