Cairo – Mubasher: Arabia Investments Holding (AIH) announced the completion of a 146% capital increase of its subsidiary UE Finance.

The company raised UE Finance’s issued and paid-up capital to EGP 80 million from EGP 32.5 million, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Proceeds from the capital increase will be used to develop the company’s financial leasing and factoring sectors, with a particular focus on financing small- and medium-sized enterprises (SMEs) in Upper Egypt.

 AIH also acquired Incolease’s entire stake in UE Finance, topping up its stake to 100%.

It is noteworthy that during the first nine months of 2019, AIH reported a net profit of EGP 40.5 million,  down from EGP 64.33 million in the prior-year period.