Back to the complete issue
Sunday, 22 November 2020

Sawiris’ attempts to acquire Shalateen Mining in doubt as talks halted

M&A WATCH- Sawiris’ attempts to acquire Shalateen Mining in doubt as talks stop: Naguib Sawiris’ talks with the government to acquire 51% of state-owned Shalateen Mining have been suspended, Oil Minister Tarek El Molla told Reuters without giving further detail. The La Mancha chairman said in February he was eyeing the majority stake in Shalateen, but the company’s discovery of a 1 mn-ounce gold reserve in the Eastern Desert last month appears to have thrown the sale off course. The Egyptian Mineral Resources Authority holds 35% of Shalateen, while the Defense Ministry’s National Service Products Organization holds 34%, the National Investment Bank has 24%, and the Egyptian Company for Mineral Resources owns 7%.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.