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Thursday, 7 November 2019

Two businessmen acquire 80% of Capital Securities:

M&A WATCH- Cairo Capital Securities chairman divests entire majority stake to two investors: Cairo Capital Securities majority shareholder Yasser Rashed has sold his entire 70% stake in the brokerage firm to a consortium of two Egyptian businessmen, sources told Al Mal. Rashed was also the company’s chairman and managing director prior to the transaction. The two businessmen — Ehab Shawky and Ayman Mekkawy — raised the company’s capital through a rights issue to shareholders that brought their total ownership in the company to 80%. Other shareholders in the firm include United Bank, which now holds a 15% stake, and individual investors holding the remaining 5%.

The firm will use the capital increase to finance its venture into new financial instruments, including T+0 trading and margin trading. The firm also recently acquired a license to short sell on the EGX.

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