B Investments looks to raise investments in Ibtikar as part of EGP 1 bn spending in 2018
INVESTMENT WATCH- B Investments looks commit additional capital to SME finance outfit as part of EGP 1 bn investment program this year in 2018: B Investments is planning to raise its investment in SME finance firm Ibtikar for Investment Finance — a JV with MM Group — to EGP 500 mn from a current EGP 120 mn, said B Investments founding partner Alaa El Sabaa. He tells Al Mal that the move is part of EGP 1 bn the firm plans to deploy in 2018. As we noted yesterday, the firm plans to IPO Ibtikar some time in the next three years.
As for the B Investments IPO, it appears that the Endowments Ministry wants to get in on the action, with the Egyptian Endowments Authority looking to buy shares worth EGP 100 mn, authority head Ahmed Abdel Hafez tells Al Mal. The buy in is part of EGP 1 bn the ministry wants invest in the EGX this year, according to the newspaper. Shares in B Investments are due to start trading on 29 March.