In the past three years, Steel mogul Ahmed Abu-Hashima deserved the title “Egypt’s Robert Murdoch” as by far he was the king of a huge empire with over 16 companies working in all types of media in Egypt including a TV network in his early 40s to complete the saga and his mystery of fast speed rise.
The close to the regime businessman did not give any indication that he would leave that media realm in Egypt anytime soon but surprisingly he did it this week in the same way he entered it: suddenly.
With no introductions or previous announcements, a new financial investment company announced that it has acquired all the shares of Abu-Hashima in the
Egyptian Media group this week.
In a very short statement that included too many surprises, the announcement came late Monday night.
“Eagle Capital for financial investment” has acquired the shares of businessman Ahmed Abu Hashima. The CEO of Eagle Capital Dalia Khorshid stated that the acquisition is the first business deal for the company.
She also said that the acquisition reflected her company’s interest in that strategic sector (media) that affects the citizen on a daily basis.
The short statement added the company appointed former head of Egyptian Radio and Television Union “ERTU” Osama El-Sheikh as the new CEO of Egyptian Media group replacing Abu-Hashima who resigned from the post.
The statement did not include any mention of how much Eagle Capital for investments bought the shares of Abu Hashima.
The young king of media left the realm and there was a new Queen with a veteran Sharif in town, hail the Queen.
Disclaimer: Now a big portion of that long post I have been working on for months in an attempt to decode the Egyptian Media map currently in an attempt to understand who is running the show and why. Spoilers: If you are following Egyptian internal affairs very well, you already guessed.
Old faces, new roles
There has been no official website or Facebook page available online for Eagle Capital for Financial Investment whose headquarters are in Cairo’s Fifth Settlement.
It is not registered in the Egyptian stock market. There is nothing in the Egyptian news archives about it.
According to the Misr Al-Arabia website, Eagle Capital for Financial Investment was founded in 2016.
Now, we do not know who REALLY owns or founded this company.
News reports speak about two potential buyers: A group of Gulf investors owns 40% of Eagle Capital and the Egyptian General Intelligence service.
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Dalia Khorshid in her official ministerial profile |
Misr Al-Arabia and Mada Misr quoted veteran Egyptian veteran publisher Hisham Kassem saying that the Egyptian General intelligence service did not only stand behind Eagle Capital but stands behind the Egyptian Media group as well.
The veteran
publisher even says that the acquisition of Egyptian Media group was only a way to change the management only. Mada Misr supports that claim according to its sources as you can see.
If you remember, Egyptian General Intelligence is allegedly associated with Private contractor Falcon Group
which acquired Al-Hayat Network in September for LE 1.4 billion.
We do not know for sure how much Eagle paid to Abu-Hashima as for instance, Masrawy claims according to its sources that the company acquired
60% of its shares in the company for LE 600 Million as the businessman is still keeping his shares in “Presentation agency”.
On the other hand, Misr Al-Arabia claims according to its unnamed
sources that Eagle Capital would pay LE 6.8 billion for the deal.
Interestingly, the Lebanese
Al-Akhbar Newspaper spoke about the acquisition a month earlier.
Anyhow what can be sure of is the available data in front of us officially.
The CEO of Eagle Capital for financial investments is Dalia Khorshid, the former first woman minister of investment in Egypt “March 2016- February 2017”.
The 1993 American University in Cairo alumna disappeared from the media in March 2017 after
her marriage to the current Governor of the Central Bank of Egypt Tarek Amar. After becoming material for gossip for a couple of weeks, she truly disappeared.