Hussein Choucri, Chairman and Managing Director of HC Securities & Investment, Deputy CEO at HC Mohamed Metwally, Managing Director at HC Brokerage Hassan Choucri, Head of Investment Banking Mahmoud Selim and Head of Asset Management Omar Radwan talked with Daily News Egypt about the challenges and the plan of HC in Egypt.
In 2015, HC intends to continue growing the three pillars of its business (asset management, advisory, and brokerage) organically, and to establish its first private equity fund. HC expects to have about five retail branches by the end of 2015.
What are the main challenges facing HC in Egypt during the current time?
The need for more clarity on the new tax laws on dividends and capital.
Do you have any demands for the government in order to move forward with your investments?
We hope that the government would prioritise releasing the executive regulations for the tax laws related to dividends and capital gains, and to review the tax laws associated with establishing real estate investment funds. That would introduce a new asset class to small investors. We also would like to see an improvement in the depth and breadth of the capital markets, and provide the property development sector with much needed finance that would assist in the turnaround of the quality of commercial real estate in Egypt.
What are HC’s major achievements in Egypt during the past few years?
HC’s major achievements in Egypt during the past years was to attract in excess of $670m in foreign direct investments into Egypt through advisory assignments related to the acquisitions of BNP Egypt by Emirates NBD, EPCI by Hikma, MEG by Gulf Capital, Al Maleka & Al Farasha by Savola and Alpha Pharmaceuticals by Astra Industrial Group
Since 2011, HC started managing seven new funds to reach a total of 14 funds under management, which is the largest number of Egyptian funds managed by a single manager. HC has also been awarded several new portfolios to manage during the same period. The total size of such new mandates today is EGP 3bn.
HC has been ranked seventh in 2014 out of 137 brokerage firms operating in Egypt.