Sameem Capital sues to reshape Prime Holding’s board and take control

Sameem Capital has filed a lawsuit to disband Prime Holding’s current board of directors and be represented on the newly formed board, said Sameem CEO Khaled Rashed. Sameem, which raised its stake in Prime Holdings to 27%, claims that Prime is not being managed effectively and could have achieved greater profits had its board done a better job. Rashed points to specific policies such as Prime only investing EGP 70 mn out of its total capital of EGP 600 mn, as well as backing away from various M&A opportunities.