By: Mahmoud Gamal
Mubasher: Mubasher Capital Holding for Financial Investments announced the acquisition of two companies as part of its plan to extend its presence as an integrated investment bank.
The company has acquired MubasherTrade and Mubasher Portfolio Management, vice chairman of Mubasher Capital Ehab Rashad revealed.
The equity of the two acquired companies exceeds EGP 70 million ($4.25 million), he said.
Rashad also highlighted that Mubasher Capital will acquire Mubasher for financial consulting.
Mubasher Capital has received requests from Emirati and GCC investors to invest in the Egyptian market, the vice chairman noted.
He emphasised that the company seeks to complete these transactions through subsidiaries and acquiring a stake of the target transactions.
This acquisition is the company’s first step to obtain the remaining financial licenses or to buy existing companies in the local market, Rashad indicated.
Mubasher Capital aims to compete and become among the top five investment banks in the local market, he said.
By the end of 2018, the Financial Regulatory Authority (FRA) had approved the establishment with EGP 200 million ($12.12 million) in capital, he pointed out.
Rashad further noted that Mubasher Capital plans to launch new artificial intelligence-based technology services for asset management through developing a robo-advisor.
Translated by: Mai Ezz El-Din