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Pharos Holding Announces Prime Talks on Acquiring its Two Subsidiaries End in Deadlock

August 2019 - Cairo , Egypt

Cairo 21 August 2019: Pharos Holding for Financial Investments announced that it has not reached a final agreement regarding the offer submitted by Prime Holding to acquire a 100% stake in Pharos Securities Brokerage and Pharos Investment Banking, including the bookkeeping operations due to a number of fundamental disagreements.

In this context, Elwy Taymour, Pharos Chairman & CEO said: “Pharos Holding and its subsidiaries will continue to provide our unique services while meeting the demands of local and foreign clients. Both Pharos top management and shareholders have continually placed the interests of our clients and distinguished staff as our top priority.”

“Prime Holding and its shareholders have a long standing and healthy relationship with Pharos Holding and the Egyptian equity market and wish them best of luck” Taymour added.

Prime Holding had previously made a bid to acquire a 100% share in the aforementioned Pharos Holding subsidiaries and had conducted due diligence on the two affiliates ahead of the potential acquisition.

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