By El Sayed Suleiman
Cairo – Mubasher: Bahraini investment bank First Equity Partners (FEP), which runs assets worth around $3 billion across the region, sees strong growth potential in Egypt’s SMEs sector, according to Managing Director Omar Maghawry.
In an interview with Mubasher, the official expressed optimism about the sector that accounts for around 80% of Egypt’s economy.
“This sector is a strategic goal for the bank, as it has high investment yield that in many times beats yields from major companies,” said Magharwy.
He revealed that FEP has allocated nearly EGP 500 million for investment in the SMEs sector next year.
The official also unveiled a plan to raise the capital of FEP’s Egypt arm to EGP 15 million by the end of this year.
FEP is targeting eight acquisitions this year via its Egypt arm in SMEs sector, said Maghawry, adding that the investment bank concluded two takeover deals in foodstuff sector and is currently in talks to acquire two other companies by the end of this year.
Maghawry also said FEP may list its Egypt unit in Cairo bourse in the coming five years.
Translated by Sayed Abdel Rahman
