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Aton Holding acquires Pharos for portfolio formation and asset management

Eng. Mahmoud Lashin, Vice Chairman of "Aton Holding" for Financial Investments, revealed that it had acquired the "Pharos Asset Management" company as the company's first investment operation in the local market. «Aton Holding» is a financial investment company newly established in the local market four months ago, and subject to the rules and laws regulating the General Authority for Financial Supervision, and its board of directors is chaired by businessman Tamer Wageh, and a number of Egyptian investors, including Mahmoud Lasheen, Vice Chairman,  Mustafa Attia, Hazem El-Far, and Hashem Ghoneim. Lashin said that the acquisition of "Pharos Asset Management" took place only two weeks ago, explaining that the Pharos Fund Company, the owner of the Pharos Fund I designated for investing in shares in the local market, was also acquired. He refused to disclose the value of the deal due to the agreements signed with the seller. The transaction marks the first for Aton, which plans to raise Pharos Fund I's assets under management (AUM) to EGP 500 mn in one year before hitting EGP 2 bn in 2022. He added that Aton has already added over EGP 120 mn to the asset management firm's portfolio following the acquisition. He pointed out that one of the reasons for this increase was the participation of "Pharos" in managing the shares of Arab and foreign investors in the "Al-Safwa Specialized Hospital"...

2021-03-03 09:48:42

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