Egyptian millionaire Seeks Regional Media Acquisitions

Egyptian businessman, Moustapha Sarhank has submitted a bid for an Egyptian newspaper, and plans acquisitions outside his home country.

Sarhank, who owns a majority stake in the International Business Associates (IBA) Group, which publishes Egypt Today and Business Today magazines, said he is considering investments worth $20m, but could pump up to $40m into media acquisitions, as AMEinfo stated.

“I would like to become the media house of the Middle East, I’ll be looking at companies that have a footprint in the media sphere,” he said. I am definitely zooming in on a few targets and already signed non-disclosure agreements” Sarhank said.