CAIRO: CoreCap Limited said it has increased its paid-in capital through a private placement to a list of regional blue chip institutional and high net worth investors, according to a press statement.
The firm also announced the appointment of a new board of directors to represent its new shareholder base.
CoreCap’s board of directors is now co-chaired by Sheikh Mohammed Wajih bin Hassan Sharbatly, CEO of the Saudi based Al Nahla Group, a regional investment conglomerate, and Mohamed Nosseir, chairman of Alkan Group, one of Egypt’s leading business corporations.
The partners of the firm are represented on the board by Khaled Hassan Rashed, CEO and board member, Omar Adel El Maghawry, managing director, and Hatem Saad Hendawi, chief financial officer of CoreCap.
Rashed said, “This partnership supports CoreCap’s planned regional expansion and solidifies its vision to be the leading merchant bank in the Middle East. Our diversified shareholder base and board of directors provide an unparalleled wealth of experience, an impeccable private equity track record in an immense variety of industries and countries and a deep institutional funding capacity.
El Maghawry added, “This partnership is an endorsement of CoreCap’s unprecedented growth since its establishment in 2006. It builds on the firm’s solid foundation and augments its strategic network and regional outreach providing access to a superior proprietary deal flow. We are very pleased to work with such a distinguished group of shareholders who have made an outstanding contribution to their industries and towards the development of the regional economies.
CoreCap Limited is an investment firm focused on the Middle East and Asia.
