The acquisition comes as no surprise, given TAQA Arabia’s remarkable growth under the leadership of Kafafi.
EFG Hermes
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The group’s impressive financial performance underscores its position as a leading financial institution in the region.
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Led by Egyptian banker Karim Awad, EFG Hermes concludes advisory to $102.4-million bond program
Under Awad, EFG Hermes’ assets have risen to more than $2.7 billion.
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Led by Egyptian banker Karim Awad, EFG Hermes to pay Egypt’s tax office $20.5 million in H1 2022
The figure is 72-percent higher than during the same period last year.
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The transaction comes two months after Maridive approved a 5.94-percent reduction in its authorized capital to $940.51 million.
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The acquisition comes after the Egyptian startup closed a $3-million pre-Series-A funding round last year.
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The bond has a credit rating of “A-” from Middle East Ratings and Investor Services.
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The capital raise will be funded by the group’s retained earnings and will be distributed over 194.61 million shares.
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UAE’s largest bank, FAB, has withdrawn its offer for majority stake in Karim Awad’s EFG Hermes
The disclosure comes two months after the bank announced its plan to acquire a 51-percent stake in EFG Hermes Holding.
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Led by Egyptian executive Karim Awad, EFG Hermes plans to increase its capital base by $52.9 million
EFG Hermes will issue one share for every five shares held by shareholders.