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Bigger chunk of EFG-Hermes's revenues to be generated from frontier markets: CEO

Sunday 22 July 2018 07:29 PM

Karim Awad
Karim Awad

By Iman El-Kady & Mona Abd El-Bary  
With it accessing the Nigarian market, EFG-Hermes has entered three top frontier markets, crowning an ambition plan as regards expanding geographically and diversifying products, according to chief executive Karim Awad.
" EFG-Hermes aims at maximizing its returns on investments funneled into  such countries to the extent of making them grab a sizable portion of its revenues in the span of 5 to 7 years," Awad told Al-Mal newspaper.
EFG-Hermes clinched agreement to acquire majority stake in Primera Africa,  a Nigaria-based company specializing in financial services and investment researches.
Taking over the financial services company is slated to be finalized upon signing acquisition agreement on 31 July after securing approval of supervisory agencies and fulfilling some requirements.
Services including roadshows and underwriting initial public offerings in the Nigerian market in addition to brokerage  are due to be added to activities of Primera Africa, he explained.
EFG-Hermes targets having a place  among the top 3 companies through upping its market share in the new markets it enters and accessing one or two markets in the upcoming period.
" Through taking over Primera  Africa, EFG-Hermes ends up accomplishing 80% of its expansion plan in the emerging markets," said chief executive of frontier markets at EFG-Hermes Aly Khaliby, adding that Primera Africa will not be subject to restructuring  and new cadres will be added to its current staff.