Italy’s Azimut completes acquisition of Rasmala Egypt – EGX

Italian money manager Azimut Holding has completed the acquisition of a 100-percent stake in Egyptian asset management company Rasmala, Egypt’s stock exchange announced on Wednesday.

The Milan-based company bought 499,000 shares of Rasmala Egypt for 211.3 million Egyptian pounds ($12.8 million), the Egyptian Exchange (EGX) added in a statement.

Traded on the Italian stock exchange since 2004, Azimut has branches in Australia, Brazil, China, Ireland, Luxembourg, Mexico, Singapore, Taiwan, and the United States. It is specialised in investment management aimed at private and institutional clients.

Following the acquisition, Rasmala Egypt, one of Egypt’s largest independent asset managers, will be rebranded to Azimut Egypt Asset Management.

Azimut said earlier this year it sees potential in Egypt’s youthful population and the fact that the country has “one of the highest GDP-PPP adjusted per capita in the EM complex excluding energy/commodity exporters countries.”