ArabFinance: Egyptian Kuwaiti Holding (EKH) (EKHO) is currently forming the management responsible for its non-banking financial services subsidiary Bedayti, the companys CEO Sherif El-Zayat told Amwal El Ghad.
EKH has obtained preliminary approval for the new company to operate in microfinance as part of the companys strategy to expand in this field, El-Zayat added.
He also noted that Bedayti will operate in the fields of consumer finance and financial services.
The management of Bedayti will be headed by Mounir El-Zahed, the former chairman of Banque du Caire, with Mohamed Mashhor as the companys Managing Director, he remarked.
This came on the sidelines of a press conference on the commence of trading on the companys stock in Egyptian pound.
Regarding to the option of trading on EKHs shares in EGP, he said that this decision will back the dividends' payment for shareholders.
Moreover, the company aims to finalize its $75 million investments into the gas sector within the coming two weeks, the CEO said, noting that new investments are set to be pumped into NSCO Investment Limited.
Through these investments, EKH targets drilling three wells, of which two have been completed at a cost of $25 million each, while the third is expected to be drilled within two weeks, he added.
Last week, EKH announced that trading on the companys shares in EGP will be effective for those who converted the trading currency as of Sunday, September 19th.
Egyptian Kuwaiti Holding is an Egypt-based investment company with a diversified portfolio of investments in sectors, including fertilizers and petrochemicals, energy, insurance, manufacturing, information technology, transport, and infrastructure.
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