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ArabFinance: Ebtikar Holding for Financial Investments is implementing a restructuring plan of its investments to get ready for listing its shares on the Egyptian Exchange (EGX), according to a February 14th emailed press release.
Ebtikar, a subsidiary of the listed MM Group, transferred the shares of Tamweel Holding for Investment as well as Tamweel Group of Companies to Basata Financial Holding. It was carried out through a non-cash transaction on the EGX.
The transfer transaction has obtained Financial Regulatory Authoritys (FRA) approval. It has been also exempt from submitting proof of payment documentation to transfer the ownership as both Ebtikar and Basata have the exact shareholding structure and ownership, the statement noted.
The FRA also approved for Ebtikar to transfer the shares of Vitas Misr for Microfinance to Basata in a non-cash transaction. It will yet be executed after obtaining the EGX approval to finalize the process of restructuring of Ebtikar's investments.
MM Group earlier contributed EGP 150 million to Ebtikars capital hike.
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