Gehad Abdel Ghany - 2016-09-04 15:45:16
Egyptian Media Company, owned by business tycoon Ahmed Abou Hashima, has picked investment bank FEP Capital as the lead advisor for its planned initial public offering on local stock exchange.
FEP Capital, part of regional First Equity Partners (FEP), is a private Equity, investment banking, and consultancy company; it is the most recent investment bank working in Egypt.
The recently-formed Egyptian Media Company has signed the contracts on Sunday with in a ceremony at FEP Capital’s headquarters attended by Abou Hashima, Omar El Maghawry, CEO of FEB Capital, Abdullah Shahin, Chairman of FEP Capital and other leaderships in the two firms.
“Being one of the most powerful investment bankers in the Egyptian market currently, the choice of FEP capital was based on its firm position and our confidence in their expertise. The Egyptian Media Group aims to become regionally and internationally stronger,” said Abou Hashima.
Shahin said putting Egyptian Media Group up for an IPO on the stock market would have a major positive impact and move the stagnant water in the Egyptian stock market.
The agreement includes a financial restructuring process of Egyptian Media Group and all its affiliates to integrate activities in different companies and financial savings, in preparation for an IPO on Egypt’s stock exchange (EGX), Omar El Maghawry said.
He added that there is a plan for the group’s financial future, which would include setting up and rehabilitating any future expansions whether by pumping new investments, or acquisition of other entities. The plan will also involve examining all market and competitive opportunities that will complement the group’s activities, El Maghawry said.
On 15 May, Egyptian Media Company, owned by Abou Hashima, signed a contract to acquire tycoon Naguib Sawiris’ media outlets ONTV and ONLIVE. ONTV played an important role during and after the 25 January Revolution, as it hosted several political TV programmes.
On 1 June, Abou Hashima finalised an agreement to purchases 51 percent of Presentation Sports, which holds the rights to broadcast the Egyptian league matches, at a cost of 185 million Egyptian pounds.
On 6 June, Egyptian Media signed a contract to acquire 50 percent of the production company Egypt for Cinema, which is owned by producer and businessman Kamel Abu Ali.
Egyptian Media said it is looking to restore Egypt’s role as the leader in the media, television industry, and drama series production. More»