May 2018 - Cairo , Egypt
Pharos Investment Banking successfully acted as the exclusive financial advisor to the Egyptian Silicon Industries Company, owner of the trademark SICO, on the new debt facilities with Banque Misr to finance its 4,500 sqm factory for the production of smartphones, tablets and other electronic devices in New Assiut Technological Park; a special economic zone for telecommunication and IT industries.
“We are pleased to advise SICO, the producer of the first locally-manufactured smartphone, on this transaction, that enabled the company to secure the required financing for its production lines and raw materials. We will continue to advise SICO over the coming period to execute its future expansion plans through the most optimal financing options” said Ms. Noha El-Ghazaly, Managing Director and Head of Investment Banking of Pharos Holding.
El Ghazaly added that securing access to finance SICO, promotes future prospects for new innovative industries in Egypt, which comes in line with the Egyptian Government’s strategy to promote local manufacturing, especially in the ICT sectors.
Engineer Mohamed Salem, Chairman and CEO of SICO, has expressed his gratitude to Pharos, Banque Misr and all SICO staff for their relentless efforts throughout the past period to secure finance for SICO’s factory, after months of tough and prolonged negotiations.
Salem commented on the transaction “Our company’s future endeavors aim at developing a local manufacturing and distribution hub for high quality and strongly competitive smartphones and electronic devices in Egypt, the MENA region and Africa
Salem, also, pointed out that the company’s operations in Assuit shall contribute to creating 500+ job opportunities across seven countries where SICO operates, through more than 5,000 retail outlets and more than 50 service centres across the region.