Cairo, November 12, 2024 – GlobalCorp Group (GC-Group), a leading Egyptian Non-Banking Financial Services Group, has announced a significant EGP 800 million increase in its issued and paid-in capital, reflecting robust growth and strong shareholder confidence. This capital boost is part of GC-Group’s strategic goal to expand its footprint and service offerings in Egypt’s Non-Banking Financial Institution (NBFI) sector.
As part of its broader expansion, GC-Group plans to diversify its services, moving beyond B2B leasing and factoring solutions to establish a comprehensive NBFI platform that caters to both B2B and B2C clients. This transition is supported by Ollin, GC-Group’s consumer and mortgage lending arm, which is set to play a key role in building a more inclusive financial ecosystem in Egypt.
The capital increase will raise GC-Group’s issued capital from EGP 1 billion to EGP 1.5 billion and paid-in capital from EGP 600 million to EGP 1.4 billion, with the changes expected to be completed by the end of 2024. These enhancements are made possible through additional capital injections from existing shareholders.
The capital boost positions GC-Group as the leading NBFI in Egypt in terms of paid-in capital. The company’s financial growth has been impressive, with a compounded annual growth rate (CAGR) of 47% for its portfolio, which now totals EGP 19 billion. Consolidated operating revenues have also reached EGP 2.3 billion, reflecting a CAGR of 42%.
GC-Group’s shareholders include prominent foreign direct investors (FDIs) and private capital investors, such as the European Bank for Reconstruction and Development (EBRD), Amethis, and SPE Capital Partners, alongside Hatem Samir, the Group’s Founder, MD, and CEO. This backing demonstrates strong belief in the company’s growth potential and the effectiveness of its management team in executing its ambitious plans.
“We believe this capital increase underscores the confidence our shareholders have in GC-Group’s strategic direction and commitment to transforming financial services in Egypt. By expanding our capital and evolving into a comprehensive NBFI platform, we are poised to better serve both businesses and consumers, contributing to economic growth and financial inclusivity across the country. We look forward to the future and are grateful for the support of our investors, who share our vision of unlocking greater value and opportunities for all stakeholders,” said Mr. Samir.
