Egypt's EKH ready to enter NBFS through launching Bedayti

The company seeks to diversify its investments portfolio, as well as to commence operations in the microfinance and consumer finance activities

  
Image used for illustrative purpose.

Image used for illustrative purpose.

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Egypt - Egyptian Kuwaiti Holding (EKH) (EKHO) is getting ready to enter the non-banking financial services (NBFS) sector, the company’s CEO Sherif El-Zayat told Al Borsa Newspaper.

The company seeks to diversify its investments portfolio, as well as to commence operations in the microfinance and consumer finance activities, El-Zayat said.

EKH has already obtained a license to operate in the microfinance field through its new subsidiary Bedayti, he added, pointing out that the final license will be obtained within two weeks, upon which Bedayti will begin operations.

Bedayti has around EGP 50 million in capital and is set to carry out an expansion plan in the microfinance field over the coming five years, he highlighted, revealing that the plan will be announced within five days.

On Sunday, El-Zayat said that EKH is currently forming the management responsible for Bedayti.

Moreover, EKH is getting ready to submit a request to the Financial Regulatory Authority (FRA) to obtain a license to operate in the consumer finance field, the CEO noted.

The company has allocated a sum of $300 million, of which $200 million has been pumped into expansion projects, while the remaining amount of $100 million is expected to be invested in renewable energy in Egypt and Africa within eight months, he said.

Regarding the trading on EKH’s shares in EGP, El-Zayat remarked that 68% of the company’s shareholders have converted the currency of trading on EKH’s stock to EGP from US dollar.

This came on the sidelines of a press conference on the commence of trading on the company’s stock in Egyptian pound.

Last week, EKH announcedthat trading on the company’s 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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