FEP Egypt Direct Investment and Asset Management, affiliated to regional FEP, announced it acquired majority share in White House Securities (WHS) with 67%. The step comes among FEP expansions in direct investment in Egypt, and to complete its investment plan that varied between heavy industries, financial services, and small and medium projects.
Qais Almaskati, CEO of FEP, commented on the last agreement the group conducted, acquiring majority share in W.H.S by saying that it is a step that proves the attractiveness of the Egyptian market to investments and the group’s positive vision of the market in the long term.
He added that the group opened its offices in Egypt three years ago, despite what the country was going through in unpropitious circumstances. However, it still believes Egypt has promising investment opportunities, a large market and a bright future being reformed, so it decided to cooperate with investments in the success story Egypt currently writes.
Omar El-Maghawry, Deputy CEO of FEP and Chairman of FEP Direct Investment – Egypt, that plans were put to turn W.H.S into a complete investment bank, in addition to increasing the capital in order to cover the needed cost of practicing most of the activities available in the Egyptian money market.
W.H.S has licences in the practices of managing portfolios, promotion, covering subscription, corporate sponsorship in Nile Stock Exchange (NILEX), and activities of holding companies as well.
Omar El-Maghawry added that capital of WHS was increased by asking the Egyptian Financial Supervisory Authority (EFSA) EGP 20bn to include the activities of managing investment funds and market maker. It will be asked as well to change its name to FEP Capital to be the financial arm of the group in Egypt.
FEP Direct Investment and Asset Management plans to activate the activity of managing portfolios in WHS to make the assets under management amount at about EGP 2bn before the end of 2015.
Regarding the activity that W.H.S known for, which is the sponsorship of medium and small companies and list them NILEX, it is expected to witness more focus and attempts to keep its rank as the top company in this field.
Chairman of FEP Direct Investment – Egypt, Omar El-Maghawry, said that activity of investment banks will be intensively expanded through FEP Capital, adding that negotiations over managing one of the biggest public placements in the Egyptian money market during the next period are ongoing, and will be announced after signature.
In seeking to complete the activities, FEP Capital will practice the group of services it offers to its clients. FEP is currently working on supporting the company with high qualified cadres regarding professionalism and institutionalised performance, in addition to launching a study centre to serve clients and the investments being implemented.