Home » Led by Egyptian exec Karim Awad, EFG Hermes raises capital by $52.9 million

Led by Egyptian exec Karim Awad, EFG Hermes raises capital by $52.9 million

by Omokolade Ajayi
Karim Awad

EFG Hermes Holding, a Cairo-based financial services group led by Egyptian businessman Karim Awad, has received shareholder approval to increase its capital base by EGP973.07 million ($52.9 million) through bonus share distribution.

According to a recent announcement, the capital raise was approved by shareholders at the firm’s recently held ordinary general meeting in line with the financial services group’s strategic expansion plans.

The capital raise will be funded by the group’s retained earnings and will be distributed over 194.61 million shares at a nominal value of EGP5 ($0.2734) per share, with one bonus share granted for every five owned shares.

The total issued capital of EFG Hermes will increase to EGP5.83 billion ($317.8 million) from EGP4.86 billion ($265 million).

The transaction, which will boost the group’s share capital by EGP 973.07 million ($52.9 million), is expected to strengthen the group’s position as a leading Egyptian financial services provider.

EFG Hermes Holding is a financial services conglomerate with operations in the Middle East, North Africa, Sub-Saharan Africa, and South Asia.

Under the leadership of Awad, the group CEO since 2013, it has secured leadership positions in securities brokerage, asset management, investment banking, private equity, and research.

Under Awad, the company reported a double-digit percentage increase in profit at the end of 2021, as revenue surpassed EGP6 billion ($330 million) to EGP6.1 billion ($332 million).

The leading investment group reached significant milestones in 2021, with its investment banking division successfully advising on several landmark offerings in the regional equity capital markets space.

The team successfully concluded the advisory on Fertiglobe’s $795-million IPO on the Abu Dhabi Exchange, marking one of the largest listings on the exchange and the first listing of a free zone company onshore in the UAE.

The division also served as joint book-runner and underwriter on Saudi-based ACWA Power’s $1.2-billion IPO on the Tadawul Exchange, marking EFG Hermes’ third IPO on the exchange in 2021.

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