Dubai, October 30th, 2007 - Rasmala Investments HoldingsRasmala Investments Holdings today announced that it has acquired 51 % of the Delta Financial Group in Egypt. This group includes:
Delta Securities EgyptDelta Securities Egypt, one of the five largest brokerage companies in Egypt;
Delta Asset Management, an established asset management firm recently acquired by Delta from ABN Amro Bank with assets under management of EGP 1.5 billion; and
Delta Capital Investments, a corporate finance firm with a strong and established track record in sourcing and executing investment banking transactions in the Egyptian market.
The remaining 49% share holdings in the Delta Financial Group will be held exclusively by Mrs Neveen El Tahri - the Founder and Chairman and members of the management team.
Commenting on the announcement, Mr. Ali Al Shihabi, Founder and CEO of Rasmala Investments HoldingsRasmala Investments Holdings said: "With the acquisition of Delta, RasmalaRasmala strengthens its regional reach by having established a strong presence, on the ground, in the biggest economies in the region - Saudi Arabia, the UAE and Egypt".
Mrs. Neveen El Tahri, Founder and Chairman of the Delta Financial Group commented: "This deal is the first step towards a full partnership and integration between RasmalaRasmala and Delta and will allow Delta to market its services to GCC clients more effectively. It will also increase the scope of services Delta delivers to its international institutional client base by offering them direct access to key GCC markets".
On completion of the acquisition, Delta will operate in Egypt under the name "Delta Rasmala Investments" and will be led by a board of directors chaired by RasmalaRasmala's Chairman - Mr. Cherine Mohsen Chalaby and co-chaired by Mrs. Neveen El Tahri. Mrs. El Tahri will also join the Board of Directors of Rasmala Investments HoldingsRasmala Investments Holdings.
