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Egypt’s EFG Hermes in Talks to Buy Stake in Spain’s Ignis

An Egyptian man walks past a branch of the EFG Hermes investment bank in Cairo, Egypt May 29, 2018. REUTERS/Amr Abdallah Dalsh
An Egyptian man walks past a branch of the EFG Hermes investment bank in Cairo, Egypt May 29, 2018. REUTERS/Amr Abdallah Dalsh
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Egypt’s EFG Hermes in Talks to Buy Stake in Spain’s Ignis

An Egyptian man walks past a branch of the EFG Hermes investment bank in Cairo, Egypt May 29, 2018. REUTERS/Amr Abdallah Dalsh
An Egyptian man walks past a branch of the EFG Hermes investment bank in Cairo, Egypt May 29, 2018. REUTERS/Amr Abdallah Dalsh

Cairo-based financial group EFG Hermes (HRHO.CA) is negotiating to buy a stake in privately held Spanish power generation company Ignis Energia, Expansion newspaper said on Thursday.

EFG Hermes would take 45% to 49% of Ignis through a capital increase in a transaction valuing the Spanish firm at about 1 billion euros ($1.16 billion), Expansion reported, citing financial sources.

Spokespeople at Ignis and EFG Hermes did not immediately respond to emails and phone calls seeking comment.

According to Reuters, Ignis operates solar and gas power plants in Spain with a total capacity of 2.9 gigawatts (GW) and has renewable energy projects for a total capacity of 14 GW in the pipeline.

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Egypt's GDP Growth at 4.3% in Second Quarter vs 2.3% a Year Earlier

Residents of Ezbet Hamada in Cairo's El Matareya district peer from their balconies to celebrate a mass break-fast, "Iftar" during the holy fasting month of Ramadan in Cairo, Egypt, Saturday, March 15, 2025. (AP)
Residents of Ezbet Hamada in Cairo's El Matareya district peer from their balconies to celebrate a mass break-fast, "Iftar" during the holy fasting month of Ramadan in Cairo, Egypt, Saturday, March 15, 2025. (AP)
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Egypt's GDP Growth at 4.3% in Second Quarter vs 2.3% a Year Earlier

Residents of Ezbet Hamada in Cairo's El Matareya district peer from their balconies to celebrate a mass break-fast, "Iftar" during the holy fasting month of Ramadan in Cairo, Egypt, Saturday, March 15, 2025. (AP)
Residents of Ezbet Hamada in Cairo's El Matareya district peer from their balconies to celebrate a mass break-fast, "Iftar" during the holy fasting month of Ramadan in Cairo, Egypt, Saturday, March 15, 2025. (AP)

Egypt's GDP growth rate increased to 4.3% in the second quarter of its 2024/25 year compared with 2.3% in the same period a year earlier, the planning ministry said on Wednesday.

GDP grew along with total investments, though public investments were below 40% of the total. Several sectors supported growth, including non-oil manufacturing activity, which was up by 17.74%, and tourism activity, which surged 18%. The fiscal year began on July 1.

Some sectors contracted in the second quarter of fiscal 2024/25, including the Suez Canal, where activity fell by 70%.

Extraction activity growth fell 9.2%, on the back of oil extraction activity, which slipped 7.6% and gas by 19.6%.