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Monday, 2 April 2018

B Investments to pump additional investments this year to microfinance subsidiary Vitas

B Investments plans to use some of the EGP 150 mn it will invest in SME finance subsidiary Ibtikar towards raising the capital of regional microfinance firm Vitas Group — itself a subsidiary of Ibtikar, founding partner Aladdin Saba reportedly said on Sunday. B Investments wants Vitas’ capital to increase to EGP 80 mn from a current EGP 30 mn. Vitas only has a temporary license from the Financial Regulatory Authority to operate in Egypt, but is expected to receive a full permit soon, Saba said. The investment is part of EGP 600 mn B Investments has allocated this year towards growing its subsidiaries. The vast majority of those funds were proceeds from its IPO last week.

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