Foras Studies $100 Million Venture Capital Company In Egypt

Foras International Investment, the financial arm of the of the Islamic Chamber of Commerce, is studying a $100 million venture capital company in Egypt within the second half of the year 2012.

Familiar sources told Amwal Al Ghad that the company is planning to hold its annual general meeting within two months to ratify the decision of establishing the company under the title of “Foras Egypt” in order to explore investment opportunities in the country.

Sources said that the anticipated general meeting will witness restructuring of the Board of Directors to include representatives in Egypt’s new Board of Directors.
They added that negotiations began before the January revolution which delayed the official announcement for the new entity. It is expected that the Arab International Bank will owns 20% of new company’s shares.

It is notable that Foras’ ownership is shared between the Islamic Development Bank, Bin Laden Group and Dallah Al Baraka Group. The Investment company’s activity focus on restructuring companies suffering from financial and technical problems, covering restructuring costs in return of 15% of company’s sales profits.