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HC Securities to implement $100m technology sector deal before year-end - Daily News Egypt

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HC Securities to implement $100m technology sector deal before year-end

Company plans to increase presence in Egypt to 10 branches during the year

HC Securities & Investment is looking to implement an overseas technology sector deal worth over $100m before the end of the year, according to HC Managing Director Hassan Shoukry.

This comes in addition to the company’s targeted geographical expansion, in which it anticipates successfully increasing the number of its branches to 10 by 2020-end, Shokry added.

The expansion is to help the company focus on and seize a larger market share from the individuals sector. The company is currently working on a number of OTC trading operations which it has yet to implement, as the value of HC operations currently stands at EGP 570m.

Shoukry pointed out that the novel coronavirus (COVID-19) pandemic has reduced the ability to communicate, an important aspect of business on which overseas operations are largely dependent. The global health crisis has also affected how necessary papers are taken from clients, alongside other procedures that were suspended due to the precautionary measures taken on the back of the outbreak.

He added that the pandemic has delayed some of the company’s expansion plans, despite its move to increase the number of its branches over the course of this year.

Shoukry said that the company’s original expansion strategy was aimed at reaching 15 branches by the end of this year, but the target was reduced to 10 branches due to the pandemic.

HC Securities currently has seven branches across Egypt, in Mohandessin district of Cairo, Zagazig, Tanta, Mansoura, Assiut, Sohag, and Minya.

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