LEBANON, INVESTMENT OF 5.9 MLN USD IN TWO START-UPS
LThe Levant Investment Bank (LIBANK), Lebanese bank for private investment and manages a portfolio of investments of US $ 500 million, of which US $ 200 million for the Lebanese market and US $ 300 for the foreign market, bought investments in two IT companies (information technology) Lebanese: M media and Torch Sal, for a US $ 5.9 million, according to the circular 331 of the Lebanese Central Bank.
In the Torch in Sal, launched in December 2015, the LIBANK bought the 68% to US $ 3.4 million. The activity of this start-up focuses on programming, coding, mobile applications and cloud computing. It has for aim to help entrepreneurs develop new ideas for mobile applications and to educate them so that they transform their ideas into business ventures. It will offer scholarships to graduates. Finally, the Torch Sal connect entrepreneurs to financiers to help them develop their business.
In the M media, launched in 2012, the LIBANK bought 12.5% to US $ 2.5 million.
The M media is presented as a platform for the sale of e-books online. In 2016, they will be released 5 episodes and a film version of a play room. This platform is open to the entire Middle East region.
The LIBANK also bought a third software company, always according to Circular 331 of the Lebanese Central Bank. This company is developing a software program for banking services. This acquisition will become official after receiving approval from the Central Bank.
The LIBANK, which has a branch in London in charge of putting on the stock exchange the PMI. It was said that the same will be do in Lebanon if the Lebanese Central Bank will create the ETP platform (electronic trading platform). This platform will have for mission to provide liquidity to start-ups and the PMI that will put their actions on it.