VOL. XLI

No. 29

20-July-1998

EGYPT

EFG-Hermes Launches GDR Issue

The Egyptian financial group EFG-Hermes, whose activities include investment banking,fund management and brokerage, is offering 2.415mn shares in the form of Global DepositaryReceipts (GDRs), of which half will be sold by existing shareholders and half newly issuedas an initial public offering (IPO). A total 4.83mn GDRs will be offered on the LondonStock Exchange (each share equals two GDRs) in a deal expected to raise $50mn,...