CVentures, the fintech unit of Egypt’s Commercial International Bank (CIB), is planning a batch of new investments as the country’s regulatory ... outlook improves, CVentures managing director Emad Fouad tells The Africa Report.
The amount raised has exceeded the ex-French-Ivorian banker’s expectations. After the successful stock market launch of his SPAC (special purpose acquisition vehicle), which closed at the end of the day on 2 March, Tidjane Thiam has proven that he can attract investors.
A total of $345m was raised. The first $300m was made after the operation was reassessed against the original target by its promoters, following strong investor demand. A further $45m was raised following investment bank guarantees that the price would remain stable.
The fund was soon on demand, even though three days after the first listing, Freedom Acquisition I was still trading at $10.17 per share compared to $10 per share at the time of the first listing on 26 February.