The extraordinary general meeting (EGM) of EFG Hermes has approved changing the group’s name to EFG Holding, according to a filing to the Egyptian Exchange on May 24th.

Accordingly, Article 2 of the group’s Articles of Association will be amended.

The EGM also thumbed up increasing the authorized capital to EGP 30 billion from EGP 6 billion.

It was also approved during the EGM to hike the issued and paid-up capital to EGP 7.298 billion from EGP 5.834 billion. The capital increase amounts to EGP 1.459 billion distributed over 291.921 million shares at a nominal value of EGP 5 per share.

In this regard, EFG Hermes will distribute 1-for-4 bonus shares, financed from retained earnings of 2022 budget.

EFG Hermes, is a leading financial services company in Egypt listed on the Egyptian Exchange (EGX), with a presence in 13 countries, including the UAE, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan.

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