Cairo – Mubasher: Arabia Investments Holding used EGP 226.06 million of its capital raise subscription proceeds amounting to EGP 260.54 million by the end of last June.

An amount of EGP 72.475 million has been used for the recapitalisation of shareholder loans, while EGP 7.5 million has been used in the increase of the issued capital of UE Finance, according to a statement to the Egyptian Exchange (EGX) on Monday.

Moreover, the company paid EGP 14.57 million to purchase Incolease’s stake in UE Finance, EGP 60 million to increase the capital of UE Finance, and EGP 19.6 million to increase the capital of RAWAJ Auto Finance.

The remaining amount of the proceeds amounts to EGP 34.44 million and it has been invested in savings schemes and treasury bills.

During the first six months of 2020, Arabia Investments logged net profits of EGP 22.7 million, down from EGP 31.6 million in the prior-year period, including minority shareholders’ rights.