Chairman of Mowasalat Misr Hisham Taha – Press Photo
CAIRO – 24 December 2017: Private-sector transportation company Mowasalat Misr is planning to raise its capital from LE 32 million to LE 250 million on two phases, company chairman Hisham Taha said Sunday.
The first phase will be a capital raise to LE 150 million in January 2018, while the second phase will be at the end of the year at LE 100 million, Taha explained in a statement.
Mowasalat Misr prepared a plan to invest LE 3 billion by 2021, and to launch an initial public offering (IPO) in 2020.
"The expansion plans came after the successful capital increase to LE 32 million in April 2016, and its acquisition of two public transport companies," Taha said, highlighting that Mowasalat Misr targets providing inclusive and smart public transport services in Cairo.
Taha added that they eye increasing the number of employees to 5,000 and its fleet to 2,000 vehicles.
Founded in 2011, the Emirates National Group owns 70 percent of stakes in Mowasalat Misr, and it successfully transported 20 million passengers in 2016. It started trial operations of public transport in 2017 after launching 40 buses in streets.