Egypt’s Prime Holding acquires close to 10% of AT Lease at EGP 29 mn

M&A WATCH- Prime Holding has acquired close to 10% of Al Tawfeek Leasing (AT Lease) in a transaction worth nearly EGP 29 mn, Prime CEO Khaled Rashed told Al Mal. Prime is planning to take an “activist shareholder” approach to AT Lease by presenting a business plan to the company’s board and top management team to improve its share price — which the financial service provider believes is trading below fair value on the EGX. The acquisition is part of a diversification strategy which could see Prime announce a new acquisition target soon, Rashed said without disclosing who the target is.