By: Mahmoud Gamal
Cairo – Mubasher: Shareholders of Mubasher International Trade for Securities (MubasherTrade), a subsidiary of Mubasher Capital Holding for Financial Investments, have approved tripling the company's company during a general meeting held on Sunday.
The general meeting gave the greenlight to increase MubasherTrade’s capital to EGP 63 million ($3.9 million) from EGP 21 million ($1.3 million), vice chairman of Mubasher Capital Holding for Financial Investments, Ehab Rashad, said in a phone interview with Mubasher.
MubasherTrade’s authorised capital will also be raised to EGP 200 million ($12.42 million) from EGP 150 million ($9.31 million), Rashad added.
The capital raise will help the company proceed with its expansion plans which include obtaining licences to provide underwriting, promotion, and custodian services, alongside its existing licences for brokerage, financial advisory, and asset management, Rashad remarked.
MubasherTrade Egypt is licenced by the 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 raise the company’s capital to EGP 300 million from EGP 200 million.
Mubasher Capital Holding for Financial Investments, owned by the National Technology Group (NTG), operates in several countries across the GCC, MENA, and Southeast Asia regions.
Translated by: Zeinab Adel