New 150 million pounds Egyptian investment company

A combined Egyptian, Arab and foreign investors group obtained approval in Egypt to establish a financial holding company with an authorized capital of 150 million pounds ($44.7 million).

The group presented a request to the Egyptian financial market organization to win final authorization to establish the company, paving the way for the start of its activity in August.

Those sharing in the company include the Netherlands financial investments company Fancorp; El-Manfaza El-Zahabya company from Oman; the National Insurance company, one of the public companies in Egypt; and a group of Egyptian investors at the top of which comes the chairman of El-Rowad company for financial exchange, Ibrahim Mokhtar.

According to the papers presented to financial market organization, the goal of the new company is to manage the financial assets, cover and promote companies' share sales and creation of new companies through initial public offerings.