The website for Capiter, an Egyptian start-up firm that specialises in retail and FMCG, has ceased functioning in the middle of the present crisis that the company is experiencing.
The error message “This site can’t be reached” appeared regardless of whether access was sought for the Capiter website on a desktop computer, a laptop computer, or a smart phone.
No statement from company has been released as to the reasons for the website’s inability to work properly.
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A decision made by the board of directors of Capiter, an Egyptian e-commerce and retail trade platform, early on the morning of September 9 to dismiss Mahmoud Noah, CEO of the company, and Ahmed Noah, chief operating officer, from their positions, a decision that takes effect as of September 9th, signalled the beginning of the crisis that the company is currently experiencing.
Founders Sacked And Replaced
In a recent statement (pdf) of the board of directors of Capiter ’s holding company, Mahmoud Noah and Ahmed Noah were removed from their executive positions as Co-Founder & CEO and Co-Founder and Chief Commerical Officer, respectively, effective September 6, 2022.
The Board of Directors had since appointed Maged Al-Ghazouli, Capiter’s Chief Financial Officer, to serve as interim CEO until Mahmoud and Ahmed Noah make a personal appearance before the Board, shareholders, and investors to address concerns from employees, suppliers, creditors, and other stakeholders, and to continue negotiations with the entity planned to merge with Capiter.
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Before launching Capiter, Mahmoud Noah co-founded the smart ride-sharing company SWVL, a mass transit company based in Egypt that went global after striking a merger deal with the special purpose acquisition company Queens Gambit Growth Capital and listing its shares on the Nasdaq Stock Exchange in the United States and and expanding other countries in Europe and Latin America.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexpert