Egypt’s Al Ahly Capital to acquire Pharos’ asset management for EGP 20 mn

M&A WATCH- Al Ahly Capital is planning a c. EGP 20 mn bid for Pharos Holding’s asset management and investment banking arms, Al Mal reports, citing sources familiar with the bid. The sources said that the acquisition could be completed within the coming two months. Al Ahly Capital, a National Bank of Egypt-owned investment bank, signed an agreement with Pharos last month to acquire 100% of the latter’s brokerage arm. The former said in a statement at the time that it will move soon to do the same with Pharos’ asset management and investment banking arms. This comes as Pharos is pivoting to non-banking financial services, and looking to grow its micro-financing business, Pharos CEO Elwy Taymour told us previously.