Thursday 26 July 2012

Egypt's EFG Hermes confident of QInvest deal by October | Reuters

Egyptian investment bank EFG Hermes expects a planned tie-up with Qatar's QInvest to go ahead before October, the company said on Thursday, after Egypt's financial market regulator suspended the deal.

The Egyptian Financial Supervisory Authority (EFSA) rejected decisions approved by EFG shareholders last month because the firm did not clarify points including minority rights, state news agency MENA reported on Wednesday.

The head of the watchdog was quoted as saying that EFG must provide the required information and reconvene shareholders for the deal to be completed.

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