Arab Finance: Global Corp, the leading Egyptian group in the non-banking financial services sector, today announced a significant increase in its issued and paid-up capital, in a move that reflects the group’s strong growth and shareholders’ confidence in its future, according to the statement sent on November 12.
This increase is in line with the group's strategy to strengthen its presence in the Egyptian market and develop its service portfolio in the non-banking financial sector in Egypt.
As part of its endeavor to expand the scope of its services and meet market needs, Global Corp seeks to expand its portfolio to include new financial solutions that go beyond financial leasing and factoring for businesses (B2B), as it seeks to establish a comprehensive non-banking financial platform that serves both corporate (B2B) and consumer (B2C) clients.
This strategic shift is supported by the group's consumer lending and mortgage arm, Ollin, which is set to play a key role in supporting the group's vision of building an inclusive financial system in Egypt.
As part of this expansion, Global Corp Group will increase its issued capital from 1 billion Egyptian pounds to 1.5 billion pounds, in addition to increasing its paid-up capital from 600 million pounds to 1.4 billion pounds, with these changes expected to be completed by the end of 2024.
This increase will be financed through additional investments from the group's current shareholders.
Through this increase, Global Corp will become the first non-banking financial institution in Egypt in terms of the volume of paid-up capital. The group’s commitment to accelerating growth and strengthening its position in the Egyptian market comes as a result of the remarkable financial achievements it has achieved, as the Global Corp group’s portfolio grew at a compound annual growth rate (CAGR) of 47%, bringing the total managed portfolio to 19 billion Egyptian pounds, and it also achieved combined operating revenues of 2.3 Billion Egyptian pounds, with a compound annual growth rate (CAGR) of 42%.
This capital increase indicates the high level of confidence placed in Global Corp by shareholders, including private equity and private capital investors such as the European Bank for Reconstruction and Development (EBRD), Amethys and SBE Capital, in partnership with the founder of Global Corp. Corp. and its CEO and Group Managing Director, Hatem Samir.
In this context, Hatem Samir stated: “This capital increase is a testament to our shareholders’ confidence in the group’s strategic direction and our commitment to re-providing financial solutions in Egypt,” explaining that increasing the capital and developing into a comprehensive non-banking financial services platform puts us in a position to provide Our services are better.
Samir added that the group provides its services to companies and individuals alike, promoting economic growth and financial inclusion throughout the country. We are excited about the future, and grateful for the support of our investors who share our vision of providing greater value and opportunities for both our clients and stakeholders.
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