By: Mahmoud Salah El Din
Cairo – Mubasher: The Tahya Misr 'Long Live Egypt' Fund has completed the establishment of Tahya Misr Holding Company with a paid-up capital of EGP 300 million, said the fund's executive director Mohamed Ashmawy on Thursday.
He added that the newly-established company has begun incorporating a financial leasing firm as its first investment.
Tahya Misr Holding held its first shareholder meeting last month and approved the articles of association and the board of directors, Ashmawy told Mubasher in a phone interview.
He explained that the new company's issued capital amounts to EGP 2.5 billion, of which the fund will contribute 98%, while the National Bank of Egypt (NBE) and Banque Misr will each contribute 1%.
As for the establishment of the financial leasing firm, the top official revealed that it will be joint venture between Tahya Misr Holding and Banque Misr.
The two parties are still in talks over ownership stakes and other details, he noted, adding that the financial leasing firm will play a major role in the projects implemented by the fund.
Translated by: Nada Adel Sobhi
