Cairo – Mubasher: The Board of Directors of Contact Financial Holding approved a proposal to obtain a subordinated loan aimed at financing the company's expansions.
According to the company's disclosure to the Egyptian Exchange today, it was decided to submit a proposal to the Ordinary General Assembly regarding obtaining an interest-free subordinated loan from the main shareholders with a maximum amount of EGP 700 million.
It is scheduled to be used in future capital increases of the company at the nominal value for all shareholders, to support the company's expansion plan and inject the necessary funding for the capitals of subsidiaries.
The Board reviewed the company's expansion plan and its financing needs to regularize the status of some subsidiaries, pointing out that the total expected amounts for the company's capital increase to implement the expansion plan range between EGP 1.6 to 1.8 billion at the nominal value for all shareholders.
