ions, maintain markets for previously issued securities, and offer advisory services to investors. As EFG-Hermes increased its commitment to domestic and regional private sector development, Investment Banking focused on traditional industries and on the rapidly emerging telecom and information technology sectors.The firm, closely involved with established Egyptian companies looking for a place on the regional map, served as global coordinator on a LE97.6 million IPO for Al Ezz Porcelain, Egypt's leading porcelain-tile producer. In the food industry sector, we acted as global coordinator for the LE142 million public offering of Savola Sime Egypt. This transaction set new precedents: the first Egyptian IPO for an Arab Gulf subsidiary and the first Egyptian stock sold directly in the USA under Regulation 144A.EFG-Hermes also played a major role in advisories, advising Amoun Pharmaceutical Industries in its sale for LE400 million to pharmaceutical giant Glaxo Wellcome-the largest transnational M&A transaction involving an Egyptian private sector company to date. Another client, Oriental Weavers, a global player in rug manufacturing, became a case study in successful restructuring.Despite a downturn in tourism and hospitality following the November 1997 Luxor incident, EFG-Hermes entered this sector, looking forward to the inevitable recovery. In March, the group became sole placement manager for the LE61.2 million sale of shares in Orascom Projects and Touristic Development, and in July, managed to raise LE137.5 million for Orascom Hotels Holding.By August, 1996, the firm was involved in sell side as well as buy side advisory mandates on behalf of a number of local and international clients. The firm's backlog deals (August, 1996) stands at its highest point and continues to grow in terms of public offerings, it exceeds LE 250 million, all of which represents private sector clients. Moreover, in terms of strategic sales it was involved in ...
