Prime Holding, a leading investment bank in Egypt, will present an acquisition proposal of 100% of Pharos Securities Brokerage, investment banking, and bookkeeping arms of Pharos Holding, the company announced on Tuesday, after its board of directors’ agreement.
The proposed acquisition aims to increase the market share of Prime Holding in the Egyptian market to compensate for the low transaction values in the Egyptian market, Prime Holding Vice Chairperson, Mohamed Maher, told Daily News Egypt.
Maher added that the proposed acquisition would provide an opportunity for the targeted expansions in Prime’s non-banking financial services sector, adding that the transaction to be fully financed by Prime Holding’s own resources.
Prime’s board of directors agreed to authorise the company’s chairperson to take all necessary measures, including obtaining the approval of the Financial Regulatory Authority, to conclude the acquisition agreement.
Furthermore, Prime Holding appointed Khaled Hassan Rashed as the Vice Chairperson and CEO, and Fahd Al-Tarzi as the head of Prime Holding investment banking arm.
Rashed is the CEO of Sameem Capital, and Al-Tarzi is Sameem’s Managing Director.