(Ecofin Agency) - In a move to leverage the new law allowing private investors to get majority stake in public companies, Egyptian businessman Naguibi Sawiris (pictured) engaged in talks with the government to acquire 51% in the capital of gold mining company Shalateen Mineral Resources Company (SMRC).
Last year, Naguib Sawiris expressed his desire to invest in the mining sector in Egypt and said he would wait for the amendment of the country's mining law before considering acquisitions. “The new regulations are more favorable and more realistic and would attract foreign investments to the sector,” said Sawiris. The tycoon also has an interest in the Canadian-based gold investment company La Mancha and the gold producer Endeavour Mining, which operates in West Africa.
Shalateen exploits minerals in the Eastern Shalateen Desert and the Red Sea region. Currently, the company’s shareholders are the Egyptian Mineral Resources Authority with a 35% share, the National Service Projects Organization of the Egyptian Ministry of Defense with a 34% share and the National Investment Bank with a 24% share.