Sawiris To Invest $1 Bln In Canadian Firm

According to French gazette Le Figaro, Sawiris will use $500 million in acquiring the gold mining firm. It added that the Egyptian billionaire will invest around $500-700 million to develop the company over the coming 3-5 years.

Sawiris had sold 305 million common shares of Russia’s VimpelCom Telecom, or 14.8% of voting rights, to major shareholder Altimo .

The company stated that this stake sale was aimed at settling $2 billion worth of debts.

Mubasher