Egypt: Al Ahly for Development and Investment weighs exiting subsidiary

Al Ahly announced that it will receive bids from independent financial advisory firms registered with the Financial Regulatory Authority to prepare a fair value report for Cairo Capital

Staff Writer, Mubasher

July 4, 2024

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Cairo – Al Ahly for Development and Investment (AFDI) is considering options for exiting Cairo Capital for Financial Consulting, where it holds a 17.08% stake.

Al Ahly announced that it will receive bids from independent financial advisory firms registered with the Financial Regulatory Authority (FRA) to prepare a fair value report for Cairo Capital.

The company is also seeking bids from investment banks.

It is noteworthy that Al Ahly for Development and Investment recorded a net profit of EGP 17.86 million in 2023, compared to EGP 4.53 million in the previous year, including minority interest.

The company's total revenues increased to EGP 134.79 million last year, up from EGP 93.68 million in 2022.

In 2023, Pico Investments increased its equity ownership in Al Ahly for Development and Investment to 15.05% from 14.66%.

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