Last checked at 17 May 2022 08:14
Updated Disclosure on valU/Amazon Agreements in response to inquiries received by the Company
Cairo, May17th, 2022:
Consumer Financing Services Agreement:
On 12 May 2022, valU Consumer Finance S.A.E. ("valU"), a fully owned subsidiary of EFG Hermes Holding S.A.E., entered into an Agreement with Amazon for the Provision of Consumer Financing by valU as a Payment Method on amazon.eg (the "Commercial Agreement"). Pursuant to the terms of the Commercial Agreement, valU will make some of its consumer financing products available to eligible customers on amazon.eg, providing these customers the option to split the total cost of purchases into multiple payments by using valU.
Transaction Agreement:
On 12 May 2022, in connection with the entry into the Commercial Agreement, EFG and Amazon entered into an Option Agreement (the "Transaction Agreement") whereby Amazon agreed to acquire USD10 million in EFG GDRs with the option to replace that investment into valU at a future date, translating into a stake of 4.255% of the issued share capital of valU, based on a current post-money valuation of valU of USD 235 million. The option is valid for 5 years, and will be exercisable prior to or upon the occurrence of a qualified liquidity event (subject to any applicable regulatory approvals) at the level of valU, in the form of an independent investment involving third party investors, a sale, or an initial public offering or other listing event, based on the terms and conditions of the Transaction Agreement, regardless of the price of EFG GDRs or EFG shares at the time of exercise.
For further information:
Investor Relations Department
Email: investor-relations@efg-hermes.com
Tel: +20 (0)2 35356710
Fax: +20 (0)2 3535 7017
Head of Investor Relations - Hanzada Nessim
Email: hnessim@efg-hermes.com
Tel: +20 (0)2 35356502
Fax: +20(0)2 3535 7017
www.efg-hermes.com