CI Capital contributes to capital of Egyptian Commodity Exchange

CAIRO - 19 December 2019: The Board of Directors of CI Capital Holding for Financial Investments decided to contribute to the capital of the Egyptian Commodity Exchange.

The company said in a statement to the Egyptian Stock Exchange (EGX) Thursday that the chairman of the board was empowered to determine the percentage of contribution according to the results of the discussions between the shareholders.

The company’s board of directors approved the group’s estimated budget for 2020.

In September, Egypt announced the establishment of the commodity exchange in October, which opens the door for questions about this kind of exchange, how it works, and how it will regulate the prices of the commodities in Egypt.

A commodity exchange is a legal entity that determines and enforces rules and procedures for trading standardized commodity contracts and related investment products. A commodity exchange also refers to the physical center where trading takes place.

CI Capital Holding recorded consolidated profits of LE 235.24 million during the first half of 2019, compared to LE 169.67 million including minority rights during the same half of 2018, marking an increase of 38.64 percent.

CI Capital is an investment bank in Egypt with market-leading investment banking, securities brokerage, asset management and research franchises.