Prime FinTech Plans to Launch IPO Within 2 Years

17/11/2020

Prime Holding's non-banking financial arm, Prime FinTech, plans to roll out its IPO on the Egyptian stock exchange within two years, Prime Holding CEO Mohamed Maher said at a conference celebrating the company’s 25th anniversary.

He said that Prime FinTech is targeting raising its capital to EGP 100 million ($6.4 million) by the end of this year, up from the current EGP 75 million.

In October, Prime FinTech launched a subsidiary under the name Endorse, which became the first company in Egypt to be unilaterally licensed for three non-banking services: consumer finance, finance lease and factoring.

Prime FinTech CEO Mervat Erian said at the conference that the company had begun to launch its finance lease services, set to be followed by factoring services a month later and consumer finance a month after that.

Prime Securities brokerage, a subsidiary of Prime Holding, plans to launch its electronic trading platform before the end of 2020, managing director Shawkat El Maraghy told reporters on the sidelines of the conference.