Egypt Kuwait Holding (EKH) has recently received the Financial Regulatory Authority’s (FRA) approval to establish a micro-finance company called Bedayti.
The decision for setting up the company with an issued capital of EGP 50 million is pending regulatory approvals, EKH said in a statement to the Egyptian Exchange (EGX) on Tuesday.
The company also submitted a request to the FRA to approve the establishment of a consumer finance company.
These new entities are expected to create about 3,000 direct and indirect jobs over the coming four years.
The company, listed on the EGX and Boursa Kuwait, also plans to expand in non-banking financial services and is currently considering several investment opportunities in the energy sector in Africa and the Middle East.
In addition, the compaby is looking to deploy USD 100 mn annually starting 2022 across at least six verticals, CEO Sherif El Zayat saiD.
EKH plans to invest USD 300 mn this year and next: The investments include USD 18 mn to set up a new sulfuric acid production plant in Tenth of Ramadan City and USD 12 mn in its Sprea Misr factory complex to increase the capacity of its laminate sheets production line, El Zayat said.
