Egypt's CI Capital spends $53mln of capital raise proceeds

The remaining amount of the proceeds amounts to $12mln

  
A trader works at the Egyptian stock market in Cairo .

A trader works at the Egyptian stock market in Cairo .

REUTERS/Mohamed Abd El Ghany
Cairo –  CI Capital Holding For Financial Investments has spent EGP 838.15 million of the capital raise subscription proceeds totalling EGP 1.022 billion.

A total of EGP 120 million has been used in repaying a loan which partly financed the acquisition of Reefy-Micro Finance Enterprise Services Co and EGP 138.53 million has been spent to repay part of the remaining amount owed to the selling shareholders of Reefy, CI Capital said in a bourse disclosure on Tuesday.

CI Capital also spent EGP 99.9 million to raise the issued and paid-up capital of CI Mortgage Finance, EGP 58.8 million to pay 100% of CI Capital’s contribution to the capital of CI Consumer Finance - Souhoola, and EGP 209.45 million to pay its contribution to EGY EDU Invest’s capital.

The company also provided loans worth EGP 211.44 million to subsidiary companies.

The remaining amount of the proceeds amounts to EGP 183.84 million.

In the first half (H1) of 2021, CI Capital Holding For Financial Investments reported net profits of EGP 977.84 million, up from EGP 205.38 million in H1-20, including minority shareholders' rights.

Source: Mubasher

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