Cairo – Mubasher: Arabia Investments Holding used EGP 226.09 million of its capital raise proceeds totalling EGP 260.54 million.
A total of 72.47 million has been used in the capitalisation of a shareholder loan and EGP 7.5 million has been used in the increase of the issued capital of UE Finance, the company said in a bourse disclosure on Wednesday.
In addition, the company paid EGP 14.5 million to purchase Incolease’s stake in UE Finance, EGP 60 million to increase the capital of UE Finance, EGP 19 million to raise the capital of RAWAJ Auto Finance, EGP 8.32 million to meet commitments of subsidiary companies, and EGP 24.19 million for general and administrative expenses.
The remaining amount of the proceeds stands at EGP 34.44 million and it has been invested in savings schemes and treasury bills.
In 2020, Arabia Investments Holding recorded EGP 85.47 million in consolidated net profits before minority shareholders’ rights, up from EGP 80.93 million a year earlier.