Egypt’s Prime Holding Delays New Mining Firm Launch on Turbulent Situation

Egypt-based Prime Holding for Financial Investment S.A.E. (PRMH.CA) – will be delaying the launch of a new firm – a subsidiary of the Mining Holding Company of which the estimated authorized capital worth EGP one billion; while the issued is valued at EGP 500 million, the Managing Director told Amwal Al Ghad on Wednesday.

Mohamed Maher, Managing director of Prime Group, said due to the ongoing unrest has made the Group decided to postpone the launch of the new firm until the country restores its stability.

The investors of the new firm have advised Prime Group to delay the launch driven by the political turmoil in Egypt, Mr. Maher added.

It is worth mentioning that Prime Group was preparing feasibility studies on the proposed firm; the studies would have included determining the type of businesses the new firm would go for.

Mr. Maher further referred that the expected duration of the feasibility studies on the new firm would range between 3 to 6 months, adding that Prime will afterwards start the procedures to enlist it in the Egyptian Exchange (EGX).