We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 3 Nov 2015 11:39 AM

Font Size

- Aa +

Egypt’s richest man snaps up 6% stake in Adidas

Nassef Sawiris raises his stake in sports brand, making him the biggest shareholder 

Egypt’s richest man snaps up 6% stake in Adidas

Egyptian billionaire Nassef Sawiris has raised his stake in Adidas to 6
percent, making him the biggest shareholder in the German sportswear retailer.

A statement from the Stuttgart bourse said one of
Sawiris’ investment vehicles, NNS Holding, now owns 4.3 percent in Adidas,
while Sawiris himself holds a direct 1.7 percent stake, according to reports
from Bloomberg and Wall Street Journal.

The disclosure is required after an investor crosses a 5 percent
threshold in a listed company.

Sawiris is now Adidas’
biggest shareholder, followed by funds managed by BlackRock Inc and Mason
Hawkins’ Southeastern Asset Management Inc.

Nassef Sawiris is Egypt's richest person with a net worth of $5.5
billion, according to Forbes.

He also runs Orascom Construction Industries (OCI), the Egyptian
subsidiary of Dutch company OCI NV, and last year set up a private equity fund,
Nile Holdings Investments (NHI), which targets buyout opportunities in Egypt.

Adidas’s shares have risen 41 percent this year, contrasting with 2014
when stock fell 38 percent. Its spokesman Jan Runau told Bloomberg Adidas
“has a constructive dialogue with current and potential investors and welcomes
every new shareholder.”

Arabian Business digital magazine: read the latest edition online

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.