Up to 67.65 million stocks were sold for EGP46.5mln.
AIH to finance its strategic plan using sold-out treasury bills
Arabia Investments Holding sold out its entire treasury bills constituting 67.65 million stocks on the Egyptian Stock Exchange for EGP46.5mln.
According to managing director Sherif Shaheen, Arabia Investments Holding aims at funneling the sale’s tally to finance the group’s medium-term strategic plan, featuring the consolidation of similar investments to create two separate legal entities, one for financial non-banking activities, and the other for conventional investments.
The plan also includes “ the scaling up of operational efficiency through merging common departments with non-banking activities to upgrade management of expansions and to double the volume of works in the upcoming three years,” said he.