Hany Tawfik resigns as CEO of Union Capital, Misr Venture Capital

Hany Tawfik has stepped down as CEO of Union Capital and Misr Venture Capital — the EGP 150 mn bailout fund for idle small- and mid-sized factories — but will retain his position as a board member in both, he tells Al Borsa. Tawfik submitted his resignation after completing the framework for restructuring idle factories, explaining that he is stepping aside to make way for fresh faces.