The Banking Executive Magazine - May Issue

EFG Hermes EFG HERMES TO CHANGE NAME TO EFG HOLDING The extraordinary general meeting (EGM) of EFG Hermes has approved changing the group’s name to EFG Holding, according to a filing to the Egyptian Exchange on May 24th. Accordingly, Article 2 of the group’s Articles of Association will be amended. The EGM also thumbed up increas- ing the authorized capital to EGP 30 billion from EGP 6 billion. It was also approved during the EGM to hike the issued and paid-up capi- tal to EGP 7.298 billion from EGP 5.834 billion. The capital increase amounts to EGP 1.459 billion distrib- uted over 291.921 million shares at a nominal value of EGP 5 per share. In this regard, EFG Hermes will dis- tribute 1-for-4 bonus shares, financed from retained earnings of 2022 budget. EFG Hermes, is a leading financial services company in Egypt listed on the Egyptian Exchange (EGX), with a presence in 13 countries, including the UAE, Saudi Arabia, Kuwait, Jor- dan, Oman, and Pakistan. the BANKING EXECUTIVE 24 ISSUE 173 MAY 2023