CAIRO: Egyptian billionaire Naguib Sawiris said on Tuesday he would look to acquire an electronic brokerage firm following the merger of Beltone Financial and CI Capital.
Sawiris’ company OTMT has interests in media, technology and cable businesses as well as energy, transport and logistics, and is expanding into financial services.
It plans to merge Beltone Financial, which it bought for almost 650 million Egyptian pounds ($83 million), with its recently acquired CI Capital.
Commenting on the Beltone-CI Capital merger, Sawiris said on Tuesday the merged entity would offer the market an alternative to competitor EFG Hermes, one of the Middle East’s largest investment banks.
“Now we will have two big players in the market,” it said.
Sawiris said the merged company would pursue business in microfinance, and pursue more regional as well as international opportunities.