Egypt’s SOLID Capital to postpone floating 10 firms in EGX due to coronavirus

Cairo-based investment bank SOLID Capital, part of Dutch venture capital firm Solid Capital Group, plans to postpone floating 10 companies worth 15 billion Egyptian pounds into the Egyptian stock exchange, its chief executive Mohamed Reda said.

He further told Amwal Al Ghad that the negative repercussions of the outbreak of the coronavirus caused the group to reconsider its plans again in accordance with the nature of the current stage regarding the new proposals.

Solid Capital intends to arrange an initial public offering for the companies with total value of 5 billion pounds, with total sales estimated at 14.7 billion pounds, compared to 4.5 billion pounds, current sales.

stablished in 2016, SOLID Capital is a full-fledged investment bank, duly incorporated and existing under the Egyptian laws according to law No. 95 of 1992 as an Egyptian joint stock entity. SOLID Capital was founded as a strategic alliance between Solid Capital Partners, Younnic Capital Partners (Netherlands, Switzerland, Belgium, UAE, and India), Egypt Investment Company, and a group of senior leaders of investment banking.

The Dutch venture aims to make Egypt as its regional center to offer investment bank services to the Gulf region and Africa.