Cairo – Mubasher: Prime Holding announced plans to establish a new company named ‘Prime Finance’.

The new retail consumer finance company will be established with a capital of EGP 300 million, Prime Holding said in a statement to the Egyptian Exchange (EGX) on Tuesday.

Later, another subsidiary will be set up with a capital of EGP 100 million, the statement added.

During the first half of 2019, Prime Holding's net profits declined to EGP 4.46 million, compared to EGP 19.6 million in the year-ago period, including minority shareholders’ rights.