ICEC

Egypt’s Orascom Investment likely to acquire 30% of Sarwa Capital

Egypt-based Orascom Investment Holding said on Wednesday it expected to acquire 30 percent of Sarwa Capital’s shares in November.

Orascom requested approval on Wednesday from the Financial Regulatory Authority to buy a non-controlling stake of 216 million shares of Sarwa at 7.36 Egyptian pounds ($0.4121) each.

If it only acquired between 144 million and 216 million shares, it would pay 6.62 pounds a share, Chief Executive Tamer El Mahdi told Reuters.

Source: Reuters

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