By Shane McGinley
Egypt's second richest man buys French nuclear firm's stake in La Mancha Resources, it is confirmed
Egyptian businessman Naguib Sawiris, the Arab country's second richest man, has bought a stake in Canadian gold producer La Mancha Resources as part of a CAD$500m (US$493m) deal, it was confirmed at the weekend.
Sawiris, founder of Orascom Telecom Holding, has a net worth of around US$3.1bn.
On Friday, it was announced he had bought French nuclear reactor maker Areva’s stake in the gold mining firm through his company Weather II Investments.
"The company represents an extremely attractive opportunity with a geographically diverse portfolio of assets offering exposure to growth and development stage projects," Sawiris said in a statement.
Weather II has agreed to buy La Mancha at a price of CAD$3.50 (US$3.45) per share in cash, a premium of 55.6 percent to the closing price on July 12 and 43.1 percent to the 20-day volume weighted average price.
"The sale will contribute to further reduce Areva's net debt and helps to finance the group's strategic and safety investment programme," Areva said in a statement.
Montreal-based La Mancha Resources has gold mines in Africa and Australia.For all the latest construction 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.