Egyptian IT firm Benya plans to raise $150m for Africa expansion

RIYADH: Egypt’s Benya Group is looking to increase its capital by $150 million through a private placement during the ongoing quarter, CEO Ahmed Mekky told CNBC Arabia.

The move from the information technology provider is a step toward expansion in Africa.

Mekky added there will be another capital increase at the beginning of next year, in addition to two initial public offerings in Egypt and a foreign market.