EFG Hermes, an affiliate of the EFG Holding Group, has announced that its IPO Promotion and Underwriting Division has completed advisory services for the division of Al-Arafa Investments and Consulting Company into two separate entities. The newly established companies are “Concrete Fashion Group for Commercial and Industrial Investments” and “GITEX Commercial and Industrial Investments”.
The decision to split Al-Arafa Investments and Consulting Company into two companies was made with the goal of separating investments related to the fashion field, the Concrete Fashion Group, from non-core strategic investments in GITEX. This strategic move allows each company to focus on their main activities and maximize value for shareholders.
Majed Al-Ayouti, co-head of the promotion and underwriting sector at EFG Hermes, expressed that the division of the company opens up new opportunities for both “Concrete” and “GITEX” companies to strive for operational excellence. Dr. Alaa Arafa, Vice Chairman and Managing Director of Concrete and GITEX, stated, “We worked closely with the EFG Hermes team to achieve this important milestone.”
