Proceeds of treasury shares sale to boost expansion: AIH
Updated 1/14/2021 11:53:00 AM
ArabFinance: Arabia Investments Holding (AIH) will use the EGP 45.5 million proceeds from selling treasury sales to finance part of its expansion plan, mainly in the non-banking financial services (NBFS), CEO Sherif Shaheen said in a January 14th disclosure.
AIH has sold its entire 67.5 million treasury shares position by January 11th, the filing indicated.
The firm earlier decided to purchase treasury shares accounting for 5% of its total outstanding stocks during the first half of 2020. The purchase transactions totaled EGP 19.4 million, the statement noted.
The listed firm intends to double the business volume over the coming three years.
AIH will use the sale proceeds to fund its medium-term strategy, with a goal of integrating the company’s investments by sector forming two legal entities. One enterprise will be for NBFS, while the other is expected to be for conventional investments.
The company earlier said it would consider splitting into two firms.
