GAFI evaluates in-kind contribution to Ghazl El-Mahalla FC capital increase

Daily News Egypt
1 Min Read

The Economic Performance Sector at the General Authority for Investment and Free Zones (GAFI) has announced that it will complete its assessment of the financial evaluation of the in-kind contribution to GhazlEl-Mahalla FC capital increase within a week.

Ghazl El-Mahalla has submitted its financial evaluationof the club’s football stadium and training facilitiesusufruct rights for 20 years, prepared by specialized advisory offices approved by the Central Bank of Egypt (CBE), to GAFI on 1 August.

It comes in the framework of the club’s efforts to increase its capital by EGP 200m, which also involves an initial public offering (IPO) on the Egyptian Exchange and a private placement.

GAFI formed a committee to evaluate the in-kind contribution and inspect the location only 48 hours after the mentioned documents were submitted.

Meanwhile, Prime Capital was contracted to act as exclusive financial advisor and subscription manager to offer part of Ghazl El-Mahalla capital increase on EGX.

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