Shares in Egypt-based investment bank EFG Hermes rose on Monday following the announcement of an agreement with Qatar's QInvest to form a region-wide investment bank.
QInvest will control 60 percent of the new bank, which will be called EFG Hermes Qatar, and will provide $250 million to increase its capital.
Shares in EFG Hermes initially jumped more than 6 percent, prompting the stock exchange to suspend trading for exceeding the 5 percent limit. It dipped back when trading resumed, up 1.8 percent at 13.89 Egyptian pounds by 0938 GMT.
No comments:
Post a Comment