10 Feb 2018 Ezdehar announces that it has completed the acquisition of a 60% stake in Global Leasing Company S.A.E. (“GLC”)
Established in 2015, GLC is an Egyptian non-bank provider of financial leasing products to small/mid-cap companies and large corporates. The Company’s leased assets include production lines, equipment and machinery, vehicles and commercial/industrial real-estate. GLC serves a range of clients in the food & beverage, healthcare, pharma, chemicals, distribution and real estate development sectors. The remaining investors in GLC include the SANAD Fund (a development fund backed by KFW, BMZ and the EU) and Hatem Samir, GLC’s CEO.
Commenting on the investment, Emad Barsoum, Managing Director at Ezdehar Management, said: “We are excited to be joining the SANAD Fund, Mr. Hatem Samir and the management of GLC as investors in the Company. The Egyptian non-bank financial services market is rapidly evolving and we believe that GLC’s strong reputation and exceptional management will position the Company to become a market leader and further cement its standing as a trusted advisor to clients. We look forward to supporting the Company in its next phase of growth and development.”
Hatem Samir, Chief Executive Officer of Global Leasing Company, added: “This step will expand GLC’s activities in non-banking financial services. Ezdehar’s presence as a major shareholder alongside the SANAD Fund, will allow the company to reach new heights and continue with its rapid expansion plans in non-banking financial services. In 2017, GLC’s originations exceeded 2016 by 50%, reflecting additional room for growth”. He also added that “GLC is now the first Egyptian leasing company to be backed by leading international financial institutions, which is in line with Egypt’s strategy to attract foreign direct investment”.