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Naeem Holding to inject new investments worth EGP 4bn in 2017 Acquisition of a large company next month and establishment of direct investment fund during 2017, says Al-Far
Youssef Al-Far, CEO of Naeem Holding Company, told Daily News Egypt that the group is planning to inject new investments worth EGP 4bn in acquisitions and direct investment funds during the current year. Al-Far pointed out that one of those acquisitions will likely be implemented next month, and he expected that this deal will represent a quantum leap for Naeem Holding due to the importance of the targeted company and its size in the market. Al-Far refused to disclose the name of the company and the value of the deal. Al-Far said that Naeem is planning to expand its activities through targeted acquisitions and will also focus this year on the launch of a direct investment fund, along with a series of real-estate funds that are planned to be launched, including a fund that will invest in schools and another in hospitals. On the other hand, Al-Far revealed the first two contracts of the initial public offering (IPO) of the Naeem Real Estate Fund that was worth EGP 97m: the Allianz Insurance Company with EGP 52m and the Employees Fund in the Sidi Kerir Company with EGP 45m. He added that other contracts will be signed during the current month within the private IPO of the fund at a total value of EGP 500m, to be followed by opening the door of the EGP 500m public IPO segment mid-May. The fund is targeting various types of institutions led by insurance companies, AL-Far explained. He stressed his confidence in the Egyptian economy and its ability to recover soon with the implementation of the economic reform programme, which prompted the company to start taking serious actions in the implementation of its expansion plans, enabling it to maximize growth opportunities during future periods.
