Ahly Comapny for Development's board of directors is yet to approve the acquisition - Sigma Capital photo
CAIRO – 12 June 2017: Al Ahly for Development and Investment (ADI) will start negotiations to acquire full stakes of financial services company Sigma Capital.
ADI said in a statement to the Egyptian Exchange Monday that a memorandum of understanding will be signed to conduct a fair value study in no later than September 30.
In case of reaching an agreement, the estimated value of the deal and negotiation details between the two parties will be presented to ADI’s board of directors to decided the next step.
If ADI approved the acquisition, the deal will be discussed in the company’s general assembly meeting, to be later sent to the Egyptian Financial Supervisory Authority (EFSA) for study.
Founded in 2000, Sigma Capital works in the brokerage and securities sector, asset management, direct investment, portfolio management and investment funds.
Stock market-listed ADI was founded in 1995 and it operates in private equity, financial leasing and asset management.
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