Cairo – Mubasher: Prime Holding announced the completion of the due diligence process to acquire two subsidiaries of Pharos Holding for Financial Investments; namely Pharos Securities Brokerage and Pharos Investment Banking.

A preliminary acquisition deal will be signed after obtaining a no-objection nod from the Egyptian Financial Regulatory Authority (FRA), Prime Holding said in a statement to the Egyptian Exchange (EGX) on Monday.

In June, Prime Holding’s board of directors approved a proposal to purchase 100% of the shares of Pharos Holding in Pharos Securities Brokerage and Pharos Investment Banking.

During the first half of 2019, Prime Holding’s net profits plunged to EGP 4.46 million, compared to EGP 19.6 million in the year-ago period, including minority shareholders’ rights.