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Sunday, 20 November 2016

Global Investment House sells Egyptian brokerage subsidiary

Kuwait’s Global Investment House has reportedly sold its stake in Global Egypt, its securities trading arm, to “two Egyptian businessmen,” Al Mal reported. Al Mal says Global Investment House sold its 86% stake in the subsidiary (the company’s website notes it owned 90% of Global Egypt). Sources refused to disclose the value of the transaction, but said the new owners will be changing the outfit’s name to Global Investment for Securities Trading and will focus on expanding more in brokerage business and introducing financial advisory services. Global Egypt had a brokerage market share of 0.4% for 10M2016, according to the EGX league table (pdf).

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