Arab Finance: Catalyst Partners Middle East, the country’s first special purpose acquisition company (SPAC) listed on the Egyptian Exchange (EGX), is seeking approval for a significant capital hike through a private placement, as per a disclosure.

The SPAC, backed by impact investor Catalyst Partners, aims to increase its authorized capital twentyfold from EGP 50 million to EGP 1 billion.

The company also plans to raise its issued and paid-up capital to EGP 235 million from EGP 10 million through an off-market transaction restricted to qualified investors.

The move involves issuing 22.5 million shares to support its expansion plans and comply with regulatory requirements, including broadening its shareholder base to at least 50 investors and ensuring a minimum free float of 5%.

Funds from the capital increase will be directed toward acquisitions and the growth of acquired companies.

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