Cairo: CEO of CI Capital Mahmoud Ata Allah said that the company seeks to incorporate a firm that will be specialized in financing micro-sized enterprises in the fourth quarter of this year.

Several lenders and tycoons in Egypt started lately to pump investments into micro-sized enterprises, as Beltone acquired 70% of Reefy Co. at a cost of EGP105mn, whereas EFG Hermes became the owner a subsidiary named as ' Tanmia.' Moreover, GB Auto has initiated a company named as ' Tasahel.'

" CI Capital aims at raising ownership rights of the leasing Co. Corplease Co. to EGP1bn through increasing its capital by EGP500mn over two phases with the first costing EGP100mn," said Ata Allah who reiterated CI Capital's plan to increase its capital via a public offering that may be executed by early 2018.

The Commercial International Bank, owning 21% of CI Capital's stocks, is negotiating to sell 10% of shares to a local investor and to retain the remaining stake.

The Commercial International Bank had announced in March 20 that several investors have purchased 74.75% of CI Capital's issued shares at an aggregate cost of EGP710,158,000.

 

Source: Al-Mal Newspaper