Egypt’s CI Capital acquires majority stake in Reefy
CI Capital Holding has reached an agreement in principle with Gemini EgyptHolding for Financial Investments, an investment vehicle owned by businessperson Naguib Sawiris, to acquire Gemini’s majority stake in Reefy – Micro Finance Enterprise Services, according to press statement on Tuesday.
The statement said Reefy is Egypt’s first licensed microfinance player, serving more than 300,000 clients through 38 branches across Egypt.
The statement added that CI Capital will work closely with the existing shareholders of Reefy on enhancing the strategic value and growth initiatives.
CI Capital aims to integrate Reefy onto its platform of non-banking financial services, which includes Corplease, Egypt’s market leader in financial leasing.
The statement noted that CI Capital recently announced the acquisition of an additional stake, bringing its total to 86% in Corplease.
“Upon obtaining regulatory approval and the successful completion of the Reefy transaction, CI Capital will consolidate its position as one of the largest non-banking financial institutions in Egypt ranked by both portfolio and asset size, in addition to its market leading investment banking, securities brokerage, research, and asset management franchises,” the statement read.
CI Capital is an Egyptian firm that specialises in diversified financial services. Through its headquarters in Cairo and offices in New York and Dubai, the company offers a wide range of financial services to a diversified client base that includes individual, high-net-worth people, and institutional investors and corporate clients. The firm offers its services across five core business lines: investment banking, securities brokerage, research, asset management, and financial leasing. Source: Zawya