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FINANCIAL NEWS
Sawiris controls Egypt’s financial sector in 2015
31 Dec 2015
(MENAFN) Egyptian billionaire Naguib Sawiris controlled the Egyptian Exchange this year in the financial sector of Beltone Financial through union with Orascom in a deal to cost USD 82.75mn.
Moreover, this wasn’t only Sawiris move in 2015, also Orascom showed gaining offer to CIB’s CI Capital, which expected to worth between USD 114.5-120.9mn.
The financial services sector is likely to increase, which explains why Sawiris would invest almost USD 0.19mn in two acquisition contracts.
Viewing the asset management part, the alliance organizes financial funds and collections of some USD 5.43bn, where Beltone manages USD 4.074mn and CI Capital manages USD 1.27mn.
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