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EFG Capital Partners, a subsidiary of EFG Hermes Holding, a Cairo-based financial services group led by Egyptian businessman Karim Awad, has increased its stake in Maridive & Oil Services, an offshore oil support company based in Egypt.
According to a bourse filing, EFG Capital Partners paid $0.076 per share for a total of 12.36 million shares in the Egypt-based offshore marine oil support company.
In a deal worth nearly $1 million, the group increased its stake in Maridive from 5.32 percent to 8.26 percent as it works to diversify its portfolio across industries with the help of its private equity firm.
The transaction comes nearly two months after Maridive approved a 5.94-percent reduction in its authorized capital to $940.51 million.
EFG Hermes Holding is a financial services conglomerate based in the Middle East, North Africa, Sub-Saharan Africa, and South Asia.
As of press time on July 5, shares in the leading financial services group were trading at EGP11.59 ($0.613), giving the company a market capitalization of EGP11.3 billion ($598 million).
Under Awad, the holding has achieved leadership positions in securities brokerage, asset management, investment banking, private equity, and research.
Nearly two weeks ago, Tanmeyah for Microfinance Services, an EFG Hermes Holding wholly-owned subsidiary, completed the acquisition of the Egyptian B2B marketplace Fatura, which connects wholesalers and manufacturers with retailers across various industries.
The transaction, according to Awad, was a significant milestone for Tanmeyah, which has grown into a major player on its non-bank financial institution platform.
He went on to say that the acquisition was part of a strategic move to accelerate the company’s digital transformation and expand its products and services to become more holistic and support Egypt’s micro-finance sector.
