Leading Investment Bank Sets Stake in Egypt, Gears Up to Become the Gateway for Arab Funds to the Middle East and Abroad
CAIRO: Naeem Holding will officially begin trading tomorrow on the Cairo & Alexandria Stock Exchange (Case), marking a major milestone as the investment bank gears up to become the Middle East’s leading financial service provider. Established as an Egyptian joint-stock company in 2006 with an authorized capital of $600 million, the Company received approval this month from the Egyptian Capital Market Authority to list on the Case with a paid-in capital of $240 million distributed over 240 million shares at a par value of $1 per share.
Commenting at a press conference, Chairman Dr. Abdulrahman Hasan Al Husaini stated that, “Naeem Holding is determined to become a leading investment bank in the Middle East. We are an innovative, full-fledged investment bank offering a full range of financial services including brokerage, portfolio and fund management, corporate finance, and private equity services from our core offices in Egypt and the United Arab Emirates. Our decision to list on the Case is indicative of our commitment to being a truly regional – not just GCC-focused – company that provides direct exposure to the most active and dynamic markets in the Middle East.
As at June 2006, Naeem Holding had approximately $2.0 billion of assets under management within its various lines of business. With the capital raised through today’s listing, the Company plans to aggressively expand its operations across the region and launch a new range of services in the coming 12-18 months – focusing on innovative products and financial solutions.
“I truly believe that Naeem Holding offers local investors an invaluable combination of world-class skill and local expertise in the Middle East, added Managing Director Mr. Ahmed Naim Badr. “We have made extreme efforts in the last years to attract the best talent in the region, and as a result we’ve been able to offer the research, market sensitivity and technical experience needed to provide our clients with some of the highest returns in the region.
Naeem Holding is predominantly owned by a group of Saudi, Egyptian, Qatari and Kuwaiti investors including high net worth strategic investors, institutional investors, senior management executives, employees and clients. Through today’s listing, 60% of the company’s shares will be floated in the market.
Listing on the Case will enable Naeem to reach a wider range of potential investors, said Dr. Abdulrahman Al Husaini. This listing is a significant move to provide liquidity to our stock and enhance our shareholder value. We have taken the necessary steps with the CMA to ensure full compliance with local listing requirements and have already developed a Cairo-based investor relations team, so we are fully prepared to take on the responsibilities associated with this significant new step, and look forward to a great year with our clients and shareholders in 2007.
