The Clap
According to Shorouk News, EFG Hermes (HRHO) has settled on listing its subsidiary ValU within the next two years.
The Deets
Sources say that ValU is currently being prepared internally in order to be listed on the EGX.
Sources also said that EFG Hermes intend to list ValU on the EGX and is also considering listing ValU in other global stock exchanges.
When?
According to the source, it is expected that ValU will be listed in 2023. However, in the event that the market conditions improve, the IPO may be pushed forward to 2022.
Other Related News
In May, Amazon had purchased global depositary receipts from EFG Hermes worth $10 million. These receipts may be converted into a 4.25% stake in ValU in the case ValU is listed on the EGX.
EFG Hermes had also adopted a management change that sees Walid Hassouna leave EFG to become managing director of ValU. This move was part of ValU’s preparation to be listed on the EGX.
ValU to be listed in 2022/2023? 👀
