First Equity to pump $13mln in Egypt’s Food Sector in 2015

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First Equity Partners-Egypt (FEP) to pump investments worth EGP100 million (US$12.7 million) in food sector before the end of 2015, FEP Group Deputy CEO and FED Capital CEO Omar El Maghawry said Tuesday.

El Maghawry told Amwal Al Ghad that FEB will inject those investments through Engazat Masr Company- FEB’s investment arm in food sector- that was founded within the first half of 2015 with initial capital of EGP3 million.

The official added that FEB Egypt targets increasing the capital of Ehgazat Masr Company by 7-9 million Egyptian pounds within the upcoming few days.

In March 2015, First Equity Partners acquired a majority stake of 67% in White House Securities and converted its name to FEP Capital, which is currently administrating Engazat Masr.