Egypt to See More Takeovers in Coming Period, Says Bourse Ex-Chief

Maged Shawky, Managing Director of Beltone Financial and former chairman of the Egyptian Exchange (EGX) said in an interview with Al-Arabiya TV on Sunday Egypt’s stock market will likely see more acquisitions over the coming period, notably by Arab investors, thanks to improving market conditions and domestic stability.

Traded volume reached strong levels currently and is expected to increase further after the completion of key phases in the country’s transitional period, mainly the vote on the country’s constitution, Shawky said.

He added that Beltone’s operating profit rose 50% and thus bolstered the company’s earnings for the first nine months of FY13.

Beltone has also managed several investment portfolios recently and has shown excellence in managing mutual funds, Shawky said.