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EFG-Hermes Holdings (EFGD)

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Thursday 12 May, 2022

EFG-Hermes Holdings

EFG Hermes Announces Agreements with Amazon

RNS Number : 3151L
EFG-Hermes Holdings SAE
12 May 2022
 

 

 

 

 

EFG Hermes Announces Agreements with Amazon

 

 

 

 

 

Cairo, May 12th, 2022:  

 

Consumer Financing Services Agreement :

On 12 May 2022, valU Consumer Finance S.A.E. ("valU"), a fully owned subsidiary of EFG Hermes Holding S.A.E., entered into an Agreement with Amazon for the Provision of Consumer Financing by valU as a Payment Method on amazon.eg (the "Commercial Agreement"). Pursuant to the terms of the Commercial Agreement, valU will make some of its consumer financing products available to eligible customers on amazon.eg, providing these customers the option to split the total cost of purchases into multiple payments by using valU .

Transaction Agreement :

On 12 May 2022, in connection with the entry into the Commercial Agreement, EFG and Amazon entered into an Option Agreement (the "Transaction Agreement") whereby Amazon agreed to acquire USD10 million in EFG GDRs with the option to replace that investment into valU at a future date, translating into a stake of 4.255% of the issued share capital of valU, based on a current post-money valuation of valU of USD 235 million. The option will be exercisable prior to or upon the occurrence of a qualified liquidity event at the level of valU, in the form of an independent investment involving third party investors, a sale, or an initial public offering or other listing event, based on the terms and conditions of the Transaction Agreement.

 

 

 

For further information:

Investor Relations Department

Email: [email protected]

Tel: +20 (0)2 35356710

Fax: +20 (0)2 3535 7017

 

Head of Investor Relations - Hanzada Nessim

Email: [email protected]

Tel: +20 (0)2 35356502

Fax: +20(0)2 3535 7017

www.efg-hermes.com

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