Cairo - Mubasher: CI Capital Holding Company announced that it has reached an agreement with Gemini Egypt Holding for Financial Investments to acquire a stake in Reefy Micro Finance Company.
The company said in a statement on Tuesday that the stake is owned by the renowned billionaire and businessman Naguib Sawiris, and that it represents a majority stake.
CI will work on obtaining the approval of the Egyptian Financial Supervisory Authority (EFSA) to complete the procedures of the acquisition.
Reefy was the first company in Egypt to be licensed to provide microfinance, offering its sercices to more than 300,000 clients through a network of 38 branches across the country.
As per the statement, the deal comes as part of the company’s strategy to expand in the field of financing and non-banking finical services in the Egyptian market.
