EFG Hermes, CI Capital, Beltone acquire 9.9% of Egypt’s commodities exchange

The new commodities exchange will help regulate prices in the local market


Cairo –  The Egyptian Financial Group Hermes Holding (EFG Hermes), CI Capital Holding For Financial Investments, and Beltone Financial Holding acquired 9.9% or 9 million shares of the company managing the Egyptian Commodities Exchange, an official document showed on Thursday.

The Egyptian Commodities Exchange's management firm has been established at a capital of EGP 91 million which will be held by several entities.

The Egyptian Exchange (EGX) will own 34% of the company, while the General Authority For Supply Commodities (GASC) will hold 11%, the Egyptian Holding Company for Silos and Storage 5.5%, and the Internal Trade Development Authority 5.5%.

Moreover, the National Bank of Egypt (NBE) and Banque Misr will each own 6.6%, while the Agricultural Bank of Egypt will hold 9.9%.

Misr Insurance Holding Company and Misr for Central Clearing, Depository and Registry (MCDR) will each own 5.5%.

The new commodities exchange will help regulate prices of key commodities in the local market, the Minister of Supply and Internal Trade, Ali El-Moselhy, said.

Source: Mubasher Exclusive

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Commodities