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Monday, 5 September 2016

Egyptian Media to list on EGX, picks FEP capital to manage

Own a piece of Abou Hashima, Inc? Ahmed Abou Hashima’s Egyptian Media has said it will restructure and is exploring a list on the Egyptian Exchange. The company has appointed FEP Capital as advisors for the process, Reuters’ Arabic service reported. FEP Capital says it will restructure Egyptian Media and its subsidiaries with a focus on ensuring they generate sufficient cash flows ahead of a potential listing on the EGX. Egyptian Media is also planning on raising its capital to EGP 1 bn before the end of the year, from EGP 882 mn today, to fund acquisitions and expansion, FEP Capital’s managing director Omar El Maghawry tells Al Borsa. As we noted yesterday, Abou Hashima unveiled a new lineup of channels at Egyptian Media’s subsidiary ON network, where sports channel ON Sport is expected to launch on 13 September, Al Mal reports.

Egyptian Media has this year acquired ONTV from Naguib Sawiris (and recruited veteran talkshow host Amr Adib to boot), taken a 50% stake in Kamal Abu Ali’s Misr Cinema and taken 51% of presentation sports, which owns the rights to broadcast Egyptian Premier League matches. Abu Hashima also owns a stake in the influential tabloid Youm7 in partnership with others.

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