EFG Hermes, the investment bank affiliated with EFG Holding Group, announced that its IPO Promotion and Underwriting Division succeeded in completing its advisory services for the deal to divide Al-Arafa Investments and Consulting Company into two companies, namely “Concrete Fashion Group for Commercial and Industrial Investments.” And “GITEX Commercial and Industrial Investments”.
Through this strategic step, Al-Arafa seeks to separate investments related to its core activity in the fashion field, which is the Concrete Fashion Group, and the group of non-core strategic investments in GITEX.
Majed Al-Ayouti, co-head of the promotion and underwriting sector at EFG Hermes, said that this strategic decision to divide the company paves the way towards new horizons for both “Concrete” and “GITEX” companies to achieve operational excellence and maximize value for shareholders, by focusing on their main activities. .
Dr. Alaa Arafa, Vice Chairman and Managing Director of Concrete and GITEX, said: “We worked side by side with the EFG Hermes team to achieve this important step.”