The infusion of funds will enable the Company to invest in multiple revenue streams, which will ensure our ability to deliver strong profitability
Cairo, Egypt (PRWEB) May 11, 2010
B.I.G. - ElBarbary Investment Group announced today a staggering increase of 320% in its second quarter net profits. Net profits for B.I.G. - ElBarbary Investment Group shot up from LE. 124,514 for the first quarter ending September 30, 2009 to LE.400,765 for the second quarter ending December 31, 2009.
"We are thrilled and extremely proud of our second quarter results especially in light of the economic climate. This quarter's results reflect our steadfast resolve to expansion and growth," stated Mansour ElBarbary, owner and CEO of B.I.G. - ElBarbary Investment Group.
According to Mansour ElBarbary, BIG- ElBarbary Investment Group is increasing its capital from LE.3 million to LE.10 million to allow the Company to implement its strategic expansion plans and diversification portfolio. "The infusion of funds will enable the Company to invest in multiple revenue streams, which will ensure our ability to deliver strong profitability," he added.
With its solid development plans, soaring net profit increases, and strategic clarity, B.I.G. ElBarbary Investment Group is well positioned to be considered not only one of the most promising companies that has received approval to be listed on the Nilex Egyptian Stock Exchange, but also a highflier.
B.I.G. - ElBarbary Investment Group has registered the capital increase application with the Commercial Register of the Investment Authority and Misr for Central Clearing, Depository and Registering (MCDR). Both institutions have approved the capital increase and B.I.G is currently awaiting the approval of the Nilex Stock Exchange.
The Company will offer a private placement of its stock, once the Nilex Stock Exchange opens. Though official dates for the opening of the Nilex have not been set, it is expected to open in the near future.
About B.I.G. - ElBarbary Investment Group
B.I.G. - ElBarbary Investment Group is a holding company and global provider of automotive spare parts, original equipment manufacturer (OEM), and aftermarket spare parts. For more information on B.I.G. - ElBarbary Investment Group
BIG, Elbarbary Investment Group
Investment Relations Dept
Attn: Rania Elhinawy
5 Ansar Street