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Egypt's Pharos Holding plans to double assets under management

Reuters , Monday 18 Jan 2016
Views: 573
Views: 573

Egypt's Pharos Holding investment bank is planning to double its assets under management this year and to expand regionally, its chief executive Elwy Taymour said on Monday.

"We are now managing around 800 million Egyptian pounds ($100 million) and are targeting this year to double that figure," he said, adding that they expect to achieve that through new hires who will bring their clients with them.

Pharos Holding is an investment bank in Cairo with private equity, asset management, securities brokerage and bookkeeping operations.

Elwy said the time was right to expand both locally and regionally to take advantage of the current opportunities and lower prices.

"I don't want to wait until we get to the top of the cycle to start expanding, I'd rather invest at the bottom of the cycle when things are cheaper... So this is probably the right time to do it and we have regional ambitions," Taymour added.

The firm is working on nine mergers and acquisitions in retail, beverage, education, pharmaceutical and financial services sectors with a total value of 3-4 billion Egyptian pounds.

It is also working on two IPOs in Egypt that are expected to be complete between July and December of this year.

Egypt's economy has been struggling since a popular uprising against ruler Hosni Mubarak in 2011 drove tourists and foreign investors away. Foreign reserves fell from $36 billion in 2011 to around $16.4 billion. 

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