In exclusive statements to MENA, Head of Research at EFG Hermes Ahmed Shams El Din said this is considered the first hike in foreign currency reserves since the outbreak of COVID-19 in March.
Under the deal, Hermes will own not less than 51 percent of the bank's capital while the fund will own not less than 25 percent.
EFG Hermes clarified that this comes as part of Premium International two-year program to issue LE 2 billion ($162 million), in securitisation bonds.
"Betabs Egypt" is scheduled to create a new technology platform of its kind to provide electronic and digital payment services.
During the second quarter of 2019, the company's profits surged to LE 306.5 million, compared to LE 213.5 million during the same quarter of 2018.
EFG Hermes announced Egypt Education Fund focused on Egypt’s K-12 sector was oversubscribed with total commitments of $119 million in its first close.
Hermes is also looking to enter a new market in Asia or Africa within a year, Karim Awad told Reuters in an interview.
Hermes financial indicators showed that the company reached standalone profits of LE 190.89 million, compared to LE 178.12 million, with an increase of 7.2 percent.
EFG Hermes acted as Sole sole Global global Coordinator coordinator and Bookrunner bookrunner on the transaction .
Hermes expected the acquisition to be completed by August 31, based on the regulatory approval and the satisfaction of certain conditions.
GEMS Education will take over the exclusive operatorship and management of four new schools in the cities of Madinaty and Al Rehab in Egypt.
For the standalone profit, Hermes marked a decline to LE 33.75 million, compared to LE 207.15 million in Q1 of 2017.
EFG Hermes has allocated an initial LE 250 million to operate the new venture.
EFG Hermes’ revenues decreased 9 percent on a year-on-year basis to accomplish LE 3.6 billion, compared to LE 4 billion in the prior year.
The Egyptian government aims to attain between $15 billion and $20 billion in 2018 through those treasury bills, Head of EFG Hermes Ahmed Shams said.
EFG Hermes holding was honored by “Business Today” magazine Monday night, February 29 during the 15th Annual BT100 Awards.
The release referred that EFG Hermes's new office provides the corporate with a client servicing edge that rose 23.93 percent in the past year.
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The projects that the bank was targeting were worth at least $250 million in investments.