Cairo – Mubasher: Egypt Kuwait Holding (EKH) has recently received the Financial Regulatory Authority's (FRA) approval to establish a micro-finance company called Bedayti.
The decision for setting up the company with an issued capital of EGP 50 million is pending regulatory approvals, EKH said in a statement to the Egyptian Exchange (EGX) on Tuesday.
The company also submitted a request to the FRA to approve the establishment of a consumer finance company.
These new entities are expected to create about 3,000 direct and indirect jobs over the coming four years.
The company, listed on the EGX and Boursa Kuwait, also plans to expand in non-banking financial services and is currently considering several investment opportunities in the energy sector in Africa and the Middle East.
In the first half (H1) of 2021, EKH reported net profits of $109.29 million, up by 36% year-on-year (YoY) from $80.24 million.