Cairo – Mubasher: Prime Holding has ended negotiations to acquire the entire stake of Pharos Holding for Financial Investments in Pharos Securities Brokerage and Pharos Investment Banking.

An agreement has not been reached after Pharos asked for a selling price which is 25% higher than that in the letter of intent signed on 25 June, Prime Holding said in a statement to the Egyptian Exchange (EGX) on Wednesday.

During the first half of 2019, Prime Holding’s net profits tumbled to EGP 4.46 million, compared to EGP 19.6 million in the corresponding period a year earlier, including minority shareholders’ rights.