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Tuesday, 24 January 2023

CI Capital, Compass launch fund to invest in EGX-listed firms

CAPITAL MARKETS-

CI Capital + Compass Capital plan EGP 2 bn equity fund: CI Capital and Compass Capital are launching a fund to invest in EGX-listed companies, with initial investments ranging between EGP 2-3 bn, unnamed sources reportedly told Asharq Business. The fund will be looking to acquire stakes of between 10-30% and is expected to launch later this quarter, the sources said. Representatives of CI Capital declined to comment on the matter when we reached out yesterday.

REAL ESTATE + DEBT-

SODIC inks EGP 2.75 bn credit facility with AAIB: SODIC subsidiary Al Yosr for Projects and Real Estate Development has secured an EGP 2.75 bn medium-term facility from the Arab African International Bank (AAIB) to help finance its upmarket The Estates project in West Cairo, it said in a statement (pdf) yesterday.

NUCA could get in on future flows: The New Urban Communities Authority (NUCA) could issue future flow securities to help fund its projects, Al Mal reported. NUCA’s securitization arm Al Taamir is looking into the size and the timeframe of any potential program, Al Taamir Managing Director Mazen Hassan told Enterprise.

FINTECH-

Team spirit in the BNPL sphere: EFG Hermes’ homegrown buy-now, pay-later company valU has partnered with Sympl to offer its customers access to Sympl’s 0%-interest three-month payment plans, according to a joint statement (pdf) out yesterday. Former valU execs Mohamed El Feky and Yasmine Henna are among Sympl’s co-founders.

NBFS collab: Contact Creditech — the consumer financing arm of Contact Financial — and JumiaPay have announced (pdf) a partnership that will see Contact offer payment and financing solutions to Jumia customers.

LAW-

Bar association ends strike after lawyers released: The Egyptian Bar Association has ended its strike after authorities released lawyers imprisoned in Marsa Matrouh last week, it said in a statement on Sunday. The association announced an indefinite strike last week after the Marsa Matrouh criminal court sentenced six lawyers to two years in prison after they clashed with court clerks. A hearing in the case is scheduled for 5 February.

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