Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) is seeking to acquire a non-controlling stake in WadiDegla Holding Company in the first half of 2018.
Wadi Degla has five sporting clubs in Maadi, Heliopolis, El Nakheel, in addition to another two clubs in 6th of October City, according to Alborsa News.
The Egypt-based company has received offers from local and European investors over the past period to buy shares in the company, but local investors did not maintain the negotiations which are currently limited to the EBRD.
The deal will be executed over two phases, a partial acquisition and a capital increase, as Wadi Degla plans to be listed on the Egyptian Exchange (EGX) in the future as part of the company's full-fledged plan, sources told the newspaper.
Al-Tamimi & Co. Law Firm is the legal advisor to Wadi Degla Clubs, while White & Case LLP International Law Firm is the legal advisor to the EBRD.