By: Mahmoud Gamal
Mubasher: Mubasher International Trade for Securities (MubasherTrade) aims to increase its capital in the coming period by 200% to EGP 63 million ($1.3 million) from EGP 21 million ($3.9 million), vice chairman of Mubasher Capital Holding for Financial Investments Ehab Rashad revealed.
Both the ordinary general meeting (OGM) and the extraordinary general meeting (EGM) of the company will be called to approve the proposed capital raise, Rashad said in an interview with Mubasher.
In addition, MubasherTrade seeks to acquire licences to provide underwriting, promotion, and custodian services, alongside its existing licences for brokerage, financial advisory, and asset management, Rashad pointed out.
The company also weighs listing on the main market on the back of the improved conditions of the Egyptian market, especially that the company has an experience in the Dubai Financial Market (DFM), he noted.
MubasherTrade Egypt, a subsidiary of Mubasher Capital Holding, is licenced by the Egyptian Financial Regulatory Authority (FRA) and operates in trading shares in the Egyptian market only.
It is noteworthy that at the end of October, Mubasher Capital Holding’s shareholders approved to increase the company’s capital to EGP 300 million from EGP 200 million.
By the end of 2018, the FRA approved the establishment of Mubasher Capital Holding with a capital of EGP 200 million ($12.12 million), he remarked.
Mubasher Capital Holding seeks to be among the top five investment banks in the most populous Arab nation in the coming period, as part of the company’s plan to expand into the Egyptian market, Rashad noted.
The National Technology Group’s (NTG) subsidiary also aims to finalise the required procedures to obtain the central registry licence to facilitate procedures for local retail investors as well as Arab and foreign investors, he added.
Translated by: Zeinab Adel