Compass completes EGP 380 mn capital increase for Bonyan
**#5 Compass has completed an EGP 380 mn capital increase for its portfolio company Bonyan for Development and Trade, bringing the real estate play’s capital to EGP 654 mn, according to a company press release (pdf). Compass subsidiary Sky Realty Holding, which had acquired Bonyan from Qalaa Holdings in July, subscribed to the full capital hike. The increase aims to “equip Bonyan with the necessary tools to transform the asset into an operational lifestyle destination within a year, including bringing on a capable management team, defining clear growth strategies, and building an efficient capital structure,” said Compass Founder and Chairman Shamel Aboul Fadl.
Compass was one of eight companies that applied yesterday for regulatory approval on capital increases worth a combined EGP 1.4 bn, the Investment Ministry said in a statement. The others include Medical Union Pharma, which is looking to raise capital to EGP 450 mn from EGP 50 mn, fertilizers producer Evergrow (EGP 200 mn from EGP 130 mn), Wadi Group (EGP 122 mn from EGP 53 mn), and Al Rahma for Hotels (EGP 75 mn from EGP 15 mn).