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CI Capital Holding completes purchase of majority stake in Reefy

CI Capital Holding Co. SAE completed its purchase of a majority shareholding in microprojects finance specialist Reefy - Micro Finance Enterprise Services Co. for about 400 million Egyptian pounds, Daily News Egypt reported.

Reefy is the first company to secure a microenterprises financing license in Egypt, with 38 branches serving over 300,000 clients, according to the report.

CEO Mahmoud Atallah said CI Capital will likely be listed in Egypt in the second half of 2018, the publication added.

As of Dec. 27, US$1 was equivalent to 17.84 Egyptian pounds.