Weather II Investments, owned by Egyptian billionaire Naguib Sawiris, confirmed acquiring a stake in Canada's gold miner La Mancha Resources for $493 million USD.
The offer represents a premium of approximately 55.6% to the closing price of the Company's common shares on the TSX. Weather II is one of the many businesses managed by Sawiris. The wider Sawiris Family of Egypt have substantial indirect interests in existing operations in the telecoms, construction and fertilizers, cement, real estate and hotel development industries.
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