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Wednesday, 20 December 2017

Eagle Capital could list shares of EMG

IPO WATCH- Eagle Capital could list shares of Egyptian MediaGroup (EMG) on the EGX, sources from EMG tell Al Borsa. Eagle Capital, led by former Investment Minister Dalia Khorshid, announced on Monday that it had acquired Ahmed Abou Hashima’s stake in EMG, the parent company of high-profile media assets including ad agency Synergy and broadcaster OnTV. Plans for a listing on the EGX have been in the books prior to the acquisition, and the new board of directors will consider the issue, the sources said.

Meanwhile, Osama El Sheikh, the noted journalist and former head of broadcaster ART, has been the new chairman of EMG, replacing Abou Hashima, EMG CEO Hussam Saleh told Al Masry Al Youm on Tuesday. The company seems set to hold a presser on Thursday.

Speaking of Abou Hashima, the man had glowing things to say about investing in Egypt’s manufacturing sector in a talk with content mill World Finance. Representative quote from the Egyptian Steel CEO: “The future is ours, and I never regretted investing during [the time of Egypt’s 2011 revolution]” (watch if you must; runtime: 04:06).

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