(MENAFN- Daily News Egypt) The Financial Times reported on Sunday that private equity firm DPI will acquire 33.3% of household appliances retailer B.TECHa deal worth $35m. According to a previous press release by EFG Hermes on Thursday, DPI was planning to invest EGP 300m in B.TECH to fund its growth strategy.
Partner at DPI Sofiane Lahmar told the Financial Times that Egypt's increase in the number of marriages annually is expected to feed into B.TECH's growth over the next five years. This will eventually "offset any depreciation of currency", according to Lahmar.
The unofficial and official exchange rate of the US dollar has increased tremendously compared to the Egyptian pound, reaching EGP 12.3 in the black market. The Central Bank of Egypt's official exchange rate stands at EGP 8.8.
B.TECH is planning to improve its supply chain and IT infrastructure, as well as launch new stores, products, and services, according to a previous press release.
B-Tech's Chairperson and CEOMahmoud Khattabsaid that they had invested EGP 60m to enhance their operations last year.