Cairo - Mubasher: The Egyptian Exchange (EGX) said that it is set to examine the capital reduction request of EFG Hermes Holding. Earlier, EFG Hermes board gave a nod to reduce the company's issued capital by EGP 184.78 million from EGP 3.26 billion to EGP 3.07 billion. The capital reduction will be effected through cancelling 36.96 million treasury stocks, said a bourse filling Thursday. EFG-Hermes earlier reported net profits of EGP 359.1 million for the first half of 2015, down 5.8% from EGP 381.6 million in the comparable period of the previous year.
Further to our report last Thursday regarding Egypt's EFG Hermes' intention to reduce its capital by EGP 185m ($23.6m) through the ﻿termination of﻿ treasury stocks, the Egyptian Exchange (EGX) have announced that they are to closely examine this request from the bank.