EFG Hermes, EFG Holding’s investment arm, has successfully concluded advisory on the demerger of Al Arafa for Investment and Consultancies into Concrete Fashion Group for Commercial and Industrial Investments (Concrete) and Gtex for Commercial and Industrial Investments (Gtex).

Al Arafa for Investment and Consultancies (AIVC) reported consolidated net losses attributable to the holding company of $3.359 million in the nine months to October 31st of 2023, against net profits of $9.343 million over the same period of 2022.

Al Arafa for Investment and Consultancies’ (AIVC) consolidated net losses attributable to the holding company fell 68.8% year on year (YoY) in the six months to July 2023.

Al Arafa for Investment and Consultancies’ (AIVC) board gave preliminary approval to the company’s demerger into two companies horizontally with the same shareholders and contribution percentage based on their book value.

Al Arafa for Investment and Consultancies’ (AIVC) consolidated net loss attributable to the holding company amounted to $82,302 in the three-month period ended on April 30th, compared to $5.55 million in the year-ago period.

Arafa is an Egypt-based holding company engaged in financial and management consulting, and investment activities. The company is organized into three business segments; retail, apparel and tailoring, and textiles. It operates through managing and administrating its subsidiaries and affiliated companies.