E-finance spends $20.59mln of capital raise proceeds

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Cairo – e-finance For Digital and Financial Investments has allocated EGP 20 million of its EGP 2.48 billion capital raise subscription proceeds listed on 29 December 2021 to contribute to E-health’s capital for the establishment and management of Egypt’s Universal Health Insurance System infrastructure.

The EGX-listed firm further allocated EGP 201 million to finance the installation of electronic gates at archaeological sites and railways stations and complete the infrastructure for any markets, according to a bourse filing on Tuesday.

Moreover, it agreed to finance the upgrade and capacity increase of the Cloud Hosting with a total value of $10 million. Year-to-date (YTD), the company has paid $4 million of the total cost.

The remaining amount of the subscription proceeds now stands at EGP 2.09 billion, the statement read.

Over the first half (H1) of 2022, the consolidated net profits of e-finance skyrocketed by 76.50% year-on-year (YoY) to EGP 486.52 million, compared to EGP 275.56 million, including minority shareholders’ rights.