Sarwa Capital to float 40% stake on EGX in October

Cairo – Mubasher: Sarwa Capital is looking to offer up to 40% of its capital on the Egyptian Exchange (EGX) in October.

The finance solutions’ provider aims to raise around $120 million through capital increase and the partial exit of Egyptian American Enterprise Fund (EAEF), the main shareholder of the company with nearly a 72% stake, Alborsa News reported, citing CEO Hazem Mousa.

Sarwa Capital is planning to enter the Egyptian market as the first dedicated company to lure cash inflows that strengthen the capital base of the company’s subsidiaries, Mousa said.

The initial public offering (IPO) amounts to around EGP 2.1 billion and will be used to raise capital, he highlighted.

The company currently works on setting up two insurance companies with EGP 200 million in investments, he indicated, pointing out that the proceeds of the IPO will be also used in financing the company’s remaining activities.

Mousa unveiled that Sarwa Capital logged EGP 148 million in net profits for the first half of 2018.

Mubasher Contribution Time: 27-Aug-2018 10:34 (GMT)
Mubasher Last Update Time: 27-Aug-2018 10:42 (GMT)