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Monday, 21 October 2019

Private investors to take the reins in new govt-backed Africa-focused brokerage and marketing company

Private investors to take the reins in new govt-backed Africa-focused brokerage and marketing company: A new government-backed brokerage and marketing company will be majority-owned by private investors, Public Enterprises Minister Hisham Tawfik said. Private investors will own a 56% stake in the company, and public sector companies will be allocated 24%. The National Bank of Egypt, Banque Misr and Banque du Caire — which yesterday reached agreements with the government over setting up the company — will split the remaining 20% between them. Negotiations are currently underway with investors. The company will be established with an initial USD 10 mn, and its marketing arm will focus on promoting Egyptian products in Africa.

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