Shareholders in Egypt’s South Valley Cement approved a LE 15 billion ($2.7 billion) capital increase to buy the owner of the Citystars mega-mall in Cairo, the cement firm said on Sunday.
"In order to acquire Golden Pyramids and its related companies, we will increase our capital from LE 5 billion to 20 billion," said Tamer Abdel Rahman, the firm’s investor relations director.
Golden Pyramids Plaza owns Citystars shopping mall and has other tourism and real estate projects in Egypt.
"The goal is to diversify our work, to have investments in real estate and tourism projects," Abdel Rahman said. "We want to enter a new market."
Golden Pyramids has a fair value of 15 billion pounds, he said.
The capital increase was approved at an extraordinary shareholders meeting on Thursday.
