Jun 12 2012
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Egypt's EFG Hermes Says Agreement With Qatar QInvest Legally Binding
Tuesday, Jun 12, 2012
CAIRO (Zawya Dow Jones)--Egyptian investment bank EFG Hermes (HRHO.CI) said in a filing to the stock exchange Tuesday its alliance with Qatari firm QInvest is legally binding and can only be broken through legal action, firming up its position against a counter bid mounted by Planet IB Ltd., the consortium of Arab investors.
"With the approval of the company's general assembly of the agreement signed with QInvest , the agreements have become binding on the two parties," the EFG statement said.
EFG Hermes' shareholders on June 2 unanimously voted in favour of a deal with QInvest , but the bank has faced a counter bid from Planet IB that prices the company at a premium to the share price.
But this "doesn't imply that we are approaching a termination, we are just clarifying the contract to the stock market," May El Gammal, marketing manager at EFG Hermes told Zawya Dow Jones via phone.
-By Farah Halime; Contributing to Dow Jones Newswires; +20111 4994453 Fhalime@gmail.com
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