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News


(2015-01-05) Arabia Investment looking into Beltone, Prime offers to manage the company
Egypt's Arabia Investments Development Financial Investments Holding (AIND) is studying the offers by Beltone for Direct Investment and Prime to choose a company to manage the executive management of the company and restructure the firm, according to AlMal newspaper. The offers will be discussed a board of directors meeting on Wednesday, the report added. Arabia Investments board member Adham Hammam told AlMal follwoing the board of director's approval, the winning company will be presented to investors in the first general meeting. The company recieved an offer from Prime Capital Portfolio Managers, Prime holding (PRMH) 99.9% owned subsidiary, to handle the restructuring of the company, in addition to an offer from Beltone for Direct Investment for the same purpose. Hammam said Prime submitted a bid for the management of the company's financial investments, adding that the company iwth most appropriate financial and technical terms will be awarded. The door is open to all securities and financial consulting firms operating in Egypt to provide a bid before Wednesday, He added. Prime Holding vice chairman and CEO Mohamed Maher said his company made an offer after the last general meeting for Arabia Investments made a recommendation to contract an investment bank for restructuring the company. Maher said it would be hard to compete with Beltone, especially after it acquired 4.5% of Arabia's capital 3 months ago.