The board of directors of NI Capital, a government-owned holding company for financial services, held a meeting on Wednesday to discuss the strategy for the year 2018, announcing the establishment of Creative Media Ventures, a state-owned company to invest in the information technology sector.
The meeting was attended by Planning Minister Hala al-Saeed, NI Capital Vice Chairman and Managing Director of the National Investment Bank Mahmoud Monstasser, and members of the board of directors.
According to a statement issued by the company, NI Capital will continue to support the public offering program for some government and joint companies under the supervision of a ministerial committee headed by the Ministry of Finance.
The company will continue to provide financial advice, and restructuring services to various agencies and ministries, the statement added.
Ayady for Investment and Development company, run by NI Capital, will establish Creative Media Ventures company to invest in the information technology sector, with the aim of developing the sector and contributing to increasing its economic returns on the national income, according to the statement.
In a statement to Al-Masry Al-Youm, Montasser denied rumors that a share of the National Investment Bank had been offered for public subscription on the stock exchange, adding that the Ministry of Finance will select the companies which will be offered for public subscription on the stock exchange and will announce them soon in accordance to a timetable.
Edited translation from Al-Masry Al-Youm