Last checked at 23 Jun 2010 14:04
EFG Hermes Signs Agreement to Acquire 100% of a Jordanian Brokerage Firm
In continuation of the strategy to expand its regional presence, EFG Hermes announces that it has signed an agreement to acquire a 100% stake of Tadawol for Securities and Financial Services, one of Jordan's local brokers. EFG Hermes will pay Jordanian Dinar 3.85 million (USD 5.4 million) for the acquisition and will assume management control over the business. The finalisation of the transaction is subject to the transfer of share ownership to EFG Hermes in Jordan. Operating in the Levant's largest capital market, Tadawol for Securities and Financial Services will be renamed EFG Hermes Jordan and will complement EFG Hermes' presence within the wider Levant region.
Dina Al-Sonbaty
Managing Director
Corporate Affairs & Investor Relations
dsonbaty@efg-hermes.com