Sawiris to close talks on Shalateen Mineral stake acquisition

Talks with the government over the equity purchase did not stop as claimed

  
Egyptian billionaire Naguib Sawiris, chairman of Orascom TMT Holding, speaks during the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, south of Cairo, March 14, 2015.

Egyptian billionaire Naguib Sawiris, chairman of Orascom TMT Holding, speaks during the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, south of Cairo, March 14, 2015.

REUTERS/Amr Abdallah Dalsh
ArabFinance: Egyptian business mogul Naguib Sawiris will conclude negotiations on purchasing a controlling stake in state-owned Shalateen Mineral Resources Company over the coming few weeks, according to Hapi Journal.

Talks with the government over the equity purchase did not stop as claimed, Sawiris told Hapi.

Earlier this year, the businessman showed interest in acquiring a 51% stake in the mining company, in which the Egyptian Mineral Resources Authority owns 35%.

The Ministry of Petroleum and Mineral Resources Tarek el Molla said in a February press conference that the government commenced talks with Sawiris in a move to encourage investment.

Egypt’s petroleum ministry recently announced a new gold discovery within the concession area of Shalateen Mineral.

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