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Tuesday, 19 June 2018

Ebtikar planning EGX debut in two years

IPO WATCH- Ebtikar planning EGX debut in two years: Ebtikar, the SME finance outfit owned by B Investments and MM Group, could list shares on the EGX in two years’ time, Investors Relations Head Omar El Labban tells Al Mal. The company is also in the process of applying for a EGP 100 mn capital increase to EGP 375 mn, the proceeds from which it intends to use to continue growing within the non-banking financial services sector, which should see it begin to offer new services such as factoring, according to El Labban. The initial public offering and capital increase are part of the company’s plan to expand its activities, which recently saw it acquire an 87% stake in Tamweel Group from Orascom Development Egypt in a transaction valued at EGP 360 mn.

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