Egypt’s richest man Nassef Sawiris has acquired a minority stake in Nile City Investments, an Egyptian public shareholding firm with active operations and investment in the real estate industry, for EGP69.9 million ($4.4 million).
According to Zawya, his acquisition is part of a block trading deal executed in favor of OS City, which sold a significant portion of the real estate firm for EGP209.7 million ($13.3 million).
The transaction resulted in the transfer of an 8.4-percent investment in Nile City Investments comprising 609,073 ordinary shares at an average price of EGP344.2 ($21.9) per share to new minority shareholders.
According to a bourse filing, the wealthy businessman acquired 203,024 ordinary shares in Nile City Investments via the block transaction, representing a 2.8-percent interest in the company’s total shares.
The transaction was completed at an average price of EGP344.3 ($22) per share, resulting in a cash consideration of EGP 69.9 million ($4.4 million) for Sawiris’ share purchase transaction.
The move will bolster his portfolio interests, which include a 30-percent position in OCI N.V., a Dutch fertilizer supplier, and a three-percent holding in Adidas, a German sportswear and sports equipment manufacturer.
His holdings in OCI N.V. and Adidas are now worth $1.95 billion and $3.13 billion, respectively. The billionaire businessman has a net worth of $6.32 billion as a result of his diverse assets.
With a net worth of more than $6.3 billion, he is the 421st wealthiest person in the world and the richest person in Egypt.
His net worth has dropped by $180 million, or 2.8-percent, since the start of the year, from $6.5 billion to $6.32 billion at the time of writing this article. The billionaire presently possesses a war chest of $275 million, which accounts for 4.35 percent of his total wealth.
Nile City Investments is a real estate development firm that primarily invests in residential, commercial and administrative complexes.
Its net earnings fell to EGP30.4 million ($1.9 million) in the first half of 2021, from EGP47.2 million ($3 million) the previous year.