Lebanon’s EuroMena taps Lazard to advise on exit from two Egyptian businesses: Lebanon’s EuroMena Funds has tapped global advisory firm Lazard for counsel on the exit of its EuroMena I Fund from two of its Egyptian holdings, EuroMena Investment Director Aly Mahmoudy tells Al Mal. The private equity firm is hoping to sell the Fund’s 80% stake in Egyptian software developer ITWORX and c. 10% stake in food producer Wadi Holdings by the final quarter of 2018, he said.

The company is also studying two new investments in Egypt through its EuroMena III Fund. Mahmoudy said that both investments, each hovering around USD 10-20 mn, are in the commercial retail sector. The firm had announced in 2016 that it was planning to invest around USD 350 mn in Egypt over four years through EuroMena III. This comes after media reports last year that EuroMena was also looking to exit printing and packaging company Wataniya and shift its focus to Lebanon and Africa-based companies with ties to the Lebanese diaspora.