Cairo - Mubasher: A consortium of the European Bank for Reconstruction and Development (EBRD) and AfricInvest Group is close to acquiring a minority stake in Wadi Degla clubs for a reported $20 million.

The deal is expected to be completed by the end of the second quarter of 2018, sources told Almal newspaper.

The company plans to increase its capital and issue part of its shares on the stock market.

EBRD has increased its investments in Egypt last year to EUR 1.5 billion, supported by the recent economic reforms, and it is planning to acquire in one or two banks expected to be listed on the Egyptian Exchange (EGX) in the awaited government initial public offerings (IPOs), with new investments in 2018 expected to be no less than EUR 1 billion.