"As part of EFG-Hermes' strategy to expand its regional presence into Arab markets, we have entered into an agreement to acquire 51 percent of Vision Securities Co. LLC, one of Oman's leading local brokers," says Hassan Heikal, Co-Chairman and CEO of EFG-Hermes.
"We will pay $15.3m for the 51% interest and will assume management control over the business."
"The transaction is still subject to finalization of share transfers in Oman and relevant regulatory approvals," adds Heikal.
This continues EFG-Hermes' strong regional expansion drive in recent years, with the entrance into the Omani market following the opening of offices in the UAE, Kingdom of Saudi Arabia and Qatar.
Vision Securities Co. LLC maintained a market share of 9.2 percent and net profit after tax of $2.6m in 2007. Vision Investment Services Co. SAOC, previously the majority owner, will own the remaining 49% stake.
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EFG-Hermes continues regional expansion drive through entrance into Omani market
- Oman: Monday, April 14 - 2008 at 13:56
- PRESS RELEASE
Leading regional investment bank EFG-Hermes has announced its entrance into the Omani market, acquiring 51% of Vision Securities Co. LLC.
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About EFG-HermesEstablished in 1984, EFG-Hermes is the leading investment bank in the Arab world. The firm specializes in Investment Banking, Asset Management, Private Equity, Securities Brokerage and Research. With listings on both the London and Cairo stock exchanges, EFG-Hermes currently boasts a market capitalization in excess of $4bn.
Through its offices in Egypt, UAE, KSA and Qatar and with over 750 people from 18 nationalities, EFG-Hermes serves a considerable and diversified client base from the Middle East and North Africa to Europe and the United States. Our clients include governments, corporations, financial institutions, high net worth individuals and retail customers.
For more information on EFG-Hermes please visit www.efg-hermes.com, or contact:
Yasmine El Assy
Public Relations Executive
EFG-Hermes Holding
Tel: +20-(0)2-33318109
Heba El-Hamzawy
Public Relations Manager
EFG-Hermes Holding
Tel: +20-(0)2-33318255
Rasha Kashkoush
Hill and Knowlton
Tel: +971-(0)4-3344930
Amr Gamal
Hill and Knowlton Egypt
Tel: +20-(0)2-27365571
Posted by Lara Lynn Golden, News EditorMonday, April 14 - 2008 at 13:56 UAE local time (GMT+4)
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