Acquisition

14 Apr 2008 09:23

EFG-Hermes Holdings SAE14 April 2008 EFG-Hermes Signs Agreement to Acquire 51% of a Leading Omani Brokerage Firm In continuation of the strategy to expand its regional presence. EFG-Hermesannounces that it has signed an agreement to acquire a 51% stake in VisionSecurities Co. LLC, one of Oman's leading local brokers. EFG-Hermes will payUSD 15.3 million for the 51% interest and will assume management control overthe business. The finalization of the transaction is subject to the transfer ofshare ownership to EFG-Hermes in Oman and the relevant regulatory approvals. Vision Investment Services Co. SAOC. previously the majority owner, will own theremaining 49% stake. Vision Securities Co. LLC had a market share of 9.2% and net profit after taxof USD 2.6 million in 2007. This information is provided by RNS The company news service from the London Stock Exchange