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Wednesday, 15 April 2020

Samih Sawiris brings his stake in Germany’s FTI Group to 51%

M&A WATCH- Samih Sawiris ups his stake in Germany’s FTI to become majority shareholder: Orascom Development Holding Chairman Samih Sawiris has raised his stake in German tourism agency FTI Group to 51% from 33%, making him the company's majority shareholder, he told Al Arabiya yesterday (watch, runtime: 5:51). The German government had suggested that Sawiris raise its capital in Europe’s third largest travel company, he said. The bn’aire did not disclose the value of the capital increase.

A risky move or buying the dip? Sawiris sees the move as getting ahead of the anticipated rebound of tourism in Switzerland and Europe after the covid-19 pandemic abates, which he thinks will happen come summertime.

Background: Sawiris was reportedly mulling the acquisition of the company earlier this month. He has been a major stakeholder with over 30% stake since 2014 through SOSTNT, his Luxembourg-based investment company.

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