Bonyan for Development to raise capital to EGP 1.6B for expansion projects

Updated 11/5/2024 11:21:00 AM
Bonyan for Development to raise capital to EGP 1.6B for expansion projects

Arab Finance: Bonyan for Development and Trade, a subsidiary of Compass Capital, is planning to raise its capital by EGP 416 million to EGP 1.6 billion for new expansions, the company’s Chairman Shamel Aboul Fadl told Asharq Business.

The capital receipts will be used to purchase new assets and buildings to boost investment returns for shareholders, Aboul Fadl said.

He added that the company is targeting expanding its logistics asset purchases over the coming period.

It was reported previously that the company is planning to offer a stake on the Egyptian Exchange (EGX) for $120 million before the end of 2024, with the investment banks CI Capital and Arqaam Capital, managing the offering.

 

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