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Thndr Claps » EGY Claps » Financial Services 💸 » EFG Hermes Acquires Retail Investors’ Stake in Tanmeyah🤝

EFG Hermes Acquires Retail Investors’ Stake in Tanmeyah🤝

by Shams Abbas
November 16, 2021

Hermes bought 317.6 thousand Tanmeyah shares from the over-the-counter market (OTC) for EGP 415 million, according to Al Mal. The stake is the equivalent of 6.5% of Tanmeyah’s ownership, raising Hermes ownership in Tanmeyah to 100%. 

More on Tanmeyah🧐 Tanmeyah Microenterprise Services is a non-bank provider of microfinance solutions. The company caters to owners of small businesses across Egypt who lack access to financing from the traditional banking sector.

Why is this important🤔 A restructuring process is likely to happen, with the current Tanmeyah management team moving to non-executive positions.

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