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Thursday, 13 July 2017

Hisham Tawfiq acquires 45% of NBK Capital

M&A WATCH- The former chairman of Arabeya Online for Securities Brokerage Hisham Tawfiq acquired a majority stake of 45% of brokerage firm NBK Capital from a consortium of investors that originally bought the firm in April from the National Bank of Kuwait, Al Mal says. The transaction should be final within a week or two at most, but Tawfiq — who will be the company’s CEO and Chairman — has already started procedures to change the company’s name and redistribute stakeholders’ shares, the newspaper says. A group of investors led by businessman Ramses Attiya had bought an 80% stake in the firm, while businessmen Mohamed Keshk and Ali Allouba each acquired a 10% stake, for a total EGP 27.5 mn. Attiya will hold on to a 35% stake in the firm.

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