CI Cap­i­tal ac­quires ma­jor­ity stake in Reefy

The Daily News Egypt - - Business -

CI Cap­i­tal Hold­ing has reached an agree­ment in prin­ci­ple with Gemini Egypt Hold­ing for Fi­nan­cial In­vest­ments, an in­vest­ment ve­hi­cle owned by busi­nessper­son Naguib Sawiris, to ac­quire Gemini’s ma­jor­ity stake in Reefy - Mi­cro Fi­nance En­ter­prise Ser­vices, ac­cord­ing to press state­ment on Tues­day.

The state­ment said Reefy is Egypt’s first li­censed mi­cro­fi­nance player, serv­ing more than 300,000 clients through 38 branches across Egypt.

The state­ment added that CI Cap­i­tal will work closely with the ex­ist­ing share­hold­ers of Reefy on en­hanc­ing the strate­gic value and growth ini­tia­tives.

CI Cap­i­tal aims to in­te­grate Reefy onto its plat­form of non-bank­ing fi­nan­cial ser­vices, which in­cludes Cor­please, Egypt’s mar­ket leader in fi­nan­cial leas­ing.

The state­ment noted that CI Cap­i­tal re­cently an­nounced the ac­qui­si­tion of an ad­di­tional stake, bring­ing its to­tal to 86% in Cor­please.

“Upon ob­tain­ing reg­u­la­tory ap­proval and the suc­cess­ful com­ple­tion of the Reefy trans­ac­tion, CI Cap­i­tal will con­sol­i­date its po­si­tion as one of the largest non-bank­ing fi­nan­cial in­sti­tu­tions in Egypt ranked by both port­fo­lio and as­set size, in ad­di­tion to its mar­ket lead­ing in­vest­ment bank­ing, se­cu­ri­ties bro­ker­age, re­search, and as­set man­age­ment fran­chises,” the state­ment read.

CI Cap­i­tal is an Egyp­tian firm that spe­cialises in di­ver­si­fied fi­nan­cial ser­vices. Through its head­quar­ters in Cairo and of­fices in New York and Dubai, the com­pany of­fers a wide range of fi­nan­cial ser­vices to a di­ver­si­fied client base that in­cludes in­di­vid­ual, high-net­worth peo­ple, and in­sti­tu­tional in­vestors and cor­po­rate clients. The firm of­fers its ser­vices across five core busi­ness lines: in­vest­ment bank­ing, se­cu­ri­ties bro­ker­age, re­search, as­set man­age­ment, and fi­nan­cial leas­ing.

Newspapers in English

Newspapers from Egypt

© PressReader. All rights reserved.