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Egypt ‘too big to fail’: Director of Actis in Egypt

Actis is an emerging markets investor with US$5.2 billion funds under management. Through the expertise of over 120 investment professionals on the ground in twelve countries, Actis identifies investment opportunities in three areas: private equity, infrastructure and real estate. Daily News spoke to Actis’s Director in Egypt about the current business environment in Egypt, the challenges as well as the solutions to reposition Egypt as an attractive investment destination.

Daily News Egypt

EFG Hermes reports a 66 percent drop in net profits during Q2

By Islam Serour EFG Hermes released the Consolidated Financial Report for the second quarter of 2012. The report concludes that the company’s net income was EGP 27 million on total consolidated revenues worth EGP 477 million, denoting 66 percent decline, in comparison to the same period 2011. Investment Banking revenues account for 41 percent of …

Daily News Egypt

CIB and EFG-Hermes take over one-third of Tuesday’s trading

By Islam Serour Commercial International Bank (CIB) and Hermes Financial group represented one-third of the total market turnover on Tuesday, after two weeks of stability. The CIB stock witnessed active turnover due to deals by foreign institutions, and closed out at EGP 28.5 after exceeding the EGP 28 barrier, scoring a 1.3 percent increase. In …

Daily News Egypt

EFG-Hermes 2011 profit tumbles 63 percent

By Ehab Farouk and Tamim Elyan / Reuters CAIRO: Egyptian bank EFG-Hermes reported a 63 percent drop in 2011 net profit on Sunday as the economic fallout from uprisings across the Middle East pushed down brokerage, investment banking and asset management revenue. Net income before minority interests was LE 307.7 million ($51 million), down from LE …

DNE

Qatari, Egyptian bidders to buy jeweler Damas

By Adam Schreck / AP DUBAI: Damas International, a prominent Mideast jeweler involved in a multimillion-dollar bookkeeping scandal, agreed Wednesday to be taken over in a deal that values it at $445 million. A consortium led by Qatari conglomerate Mannai Corp. said Damas’ board has accepted the bid of 45 cents a share. The deal appears …

DNE

EFG Hermes and QInvest may merge units

By Nadia Saleem and Patrick Werr / Reuters DUBAI/CAIRO: Egyptian group EFG Hermes and Qatari Islamic investment bank QInvest are in talks about a possible merger of some operations to create an investment bank covering the Arab world, Africa, Turkey and south and southeast Asia. The venture would include securities brokerage, asset management and investment banking …

DNE

EFG Hermes share trading resumes after statement on CEO

CAIRO: Egypt’s stock exchange briefly suspended trade in EFG Hermes shares on Tuesday but resumed dealing after the investment bank issued details about its Chief Executive Yasser El-Mallawany, who faces a travel ban. The shares were trading down 1.6 percent by 1045 GMT, compared to a 1 percent drop in benchmark index. Airport authorities prevented …

DNE

EFG Hermes denies CEO’s connection with Port Said case

CAIRO: After EFG Hermes CEO Yasser El-Mallawany was banned from traveling earlier this week, the firm said it “categorically denies” any connection between the ban and the Port Said case. “EFG Hermes categorically denies that the travel ban against Mr. El-Mallawany is in any way connected with the recent events in Port Said,” the firm …

DNE

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