Sawiris, a member of one of Egypt's richest families, plans to buy the Montreal-based mining group La Mancha Resources, citing its "geographically diverse portfolio of assets offering exposure to growth."

 

Speaking to the Abu Dhabi-based newspaper The National, the Egyptian tycoon confirmed the deal was in progress but said he would not comment further until the transaction is complete.

 

Sawiris has offered to acquire La Mancha for 3.50 Candian dollars per share, a deal accepted by the company's board, according to The National.

 

The founder of Orascom Telecom, Sawiris was last year ranked Egypt's second-richest person by Forbes magazine, with an estimated net worth of $3.1 billion. His family also has sizeable interests in Egypt's construction and hospitality sectors.