Egypt’s Naguib Sawiris, has offered to acquire 53 percent of Euronews media for €35 million (~ $40 million), through the company he heads, at a time when the European news channel seeks capital for its growth plans, Euronews announced in a press release on Thursday.

“The arrival of Naguib Sawiris would be a tremendous asset to Euronews, as this investment would allow a quick implementation of our development plan, while maintaining our European public mission heritage,” Euronews chairman said in the release.

“I will be committed to carefully respecting the editorial independence and the mission of general interest of Euronews,” said Sawiris, the CEO and chairman of Cairo-based Orascom Telecom Media and Technology (OTMT).

The Egypt-listed OTMT operates in Egypt, North Korea, Lebanon, Pakistan and other North African and Middle Eastern countries.

The company recently divested its 5 percent share in Egyptian Company for Mobile Services, operating under the brand Mobinil.

Its share price stood at LE1.21 per share.

Euronews is owned by 21 public television channels and three local authorities, with 600 journalists covering worldwide news.

Exclusive negotiations between the Euronews supervisory board and Sawiris are ongoing.