2018-11-21
The chairman of the board of directors of HC Securities and Investment Egypt said that the company is working to launch financial leasing activity and the implementation of the first direct investment deals in the domestic market during the first half of 2019.
 
Hussein Shukri, who owns 69 percent of HC shares, said in an interview with Reuters in his office on the outskirts of Cairo that his company was "in advanced negotiations with a bank operating in Egypt to participate in financial leasing activity."
 
"We will start leasing activity in the first half of 2019 with a portfolio of about 500 million pounds ($ 27.8 million) in the first year, reaching one billion pounds in the second year."
 
Financial leasing A system in which the lessor finances the purchase of a capital asset at the request of the lessee for the purpose of investing it for a period not less than 75% of the life of the asset against periodic payments, with the lessor holding ownership of the asset.
 
Shukri said that the company has appointed Ahmed Dessouki, who has 15 years of experience, as head of direct investment management.
 
"We are seeking to implement the first direct investment deal in the first half of 2019 on a company working in the field of consumer industries ... We are not looking for quotas, but minority quotas."
 
HSBC is one of the largest investment banks in Egypt. It operates in the field of investment, asset management and securities trading in Egypt and the United Arab Emirates. Its assets are managed by about 5.5 billion pounds.
 
"We have a deal in the Gulf, which we are seeking to complete before the end of the year, and we are representing the buyer as a consultant for the acquisition of a company working in the field of education in the Gulf for about 500 million pounds," Shukri said.
 
"We have an important operation in the Gulf, where we represent a Saudi investor who owns 30 percent of a Kuwaiti company in the oil sector. The deal is estimated at 900 million pounds ... we expect them to be completed during the first quarter of 2019."