TSFE commits US$16m to the EFG Hermes Education Fund’s third close

EGYPT – The Sovereign Fund of Egypt (TSFE) and EFG Hermes announced that TSFE has committed EGP 250 million (US$16 million) to the EFG Hermes Education Fund’s third close. TSFE and GEMS Egypt also signed a memorandum of understanding to develop and operate two premium national schools west of Cairo, which will be built over 30,000 sqm with a capacity of 2,500 students each. The schools will be constructed on TSFE-owned land, in line with its mandate to create value out of previously unutilised assets. “These investments made by TSFE…

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EFG Hermes announces successful issuance of security bonds for 3 companies

EGYPT – Egyptian Financial Group Hermes Holding (EFG Hermes), has announced the successful completion of the issuance of the first tranche of EGP700 million (US$44.6m) from issuing securitized bonds with a total value of EGP6.5 billion (US$410m) for the benefit of “Amer Group”, “Porto Group” and “Qastali”. The company added in a statement that it played the role of the single-issue manager and financial advisor in the first issue amounting to EGP700 million (US$44.6m) and secured with credit balances and receipts amounting to EGP911 million (US$58.04bn) from 5 exporting companies,…

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EFG Hermes half-year profits drop by 38% despite revenue growth in Q2 2020

EGYPT – EFG Hermes consolidated profits for the first half of 2020 dropped by 38 percent despite the company recording a 26% year-on-year rise in revenue during the second quarter of the year. EFG Hermes profits dropped to LE 422.9 million (about US$27 million) during the first half of 2020, down to LE 686.5 million (US$43.14 million) including minority rights recording during the period last year. The company attributed the dismal performance to higher loan loss provisions booked by the NBFI platform during the period. EFG Hermes’ financial indicators revealed…

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