Naeem Holding denies signing MoU to acquire AT. Brokerage, and Financial

By Yomna Yasser On Jul 24, 2016

Cairo-based investment house Naeem Holding has denied reports about signing a memorandum of understanding to acquire Al Tawfeek Financial Investments and Al Tawfeek Brokerage (AT. Brokerage).

“We are still in the due diligence stage to acquire Al Tawfeek Brokerage and Al Tawfeek Financial Investments.” Naeem Holding added in a statement to the country’s stock exchange on Sunday.

Al Tawfeek Brokerage and Al Tawfeek Financial Investments have licence to practice asset management as well as promoting and covering initial public offerings (IPOs) in the country.

AT. Brokerage was founded in 2007 as an Egyptian Joint Stock Company in accordance with law no. 95 for the year 1992, to be the first Egyptian company that offers Securities Brokerage services in compliance with Shariaa standards. The company was formed as an affiliate to AT. Financial Holding, through a strategic alliance between Dallah Al-Baraka Group, represented by its financial services’ arm Beit Al-Tawfeek for Development KSA, Al-Baraka Bank Egypt, Jiffex Group limited– UK and Khaled Abou Heif.