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Thursday, 9 June 2016

Eskan Global Egypt plans to transform into holding company by 2017, eyes EGX listing

Eskan Global Egypt, a subsidiary of Kuwait-based Eskan Global, is eying a partial listing on the EGX in 2017 and plans to invest up to EGP 2 bn in Egypt, Eskan Global Egypt chairman Mahmoud Afifi tells Al Mal. Eskan Global Egypt plans to expand its acquisitions pipeline from five companies to 12 companies, he added. Part of the EGP 2 bn injection will be in real estate through its subsidiary Amwal Kuwait, which is interested in buying land in 6 October, New Cairo and the new administrative capital. Amwal Kuwait recently acquired 98% of Universal Company which owns resort in Sharm El-Sheikh. It also acquired 50% of Kuwait-based Makaseb-PM, for which it plans to open an a branch in Egypt as a vehicle through which to invest as much as USD 100 mn in real estate.

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