Egypt-based Orascom Investment Holding, formerly Orascom Telecom Media and Technology Holding (OTMT), said it is looking to acquire 30% of Sarwa Capital’s shares in November, particularly due to the deal’s attractive price, Invest-Gate reports.

Orascom has requested an approval from the regulator to buy a non-controlling stake of 216 mn shares of Sarwa Capital at EGP 7.36 per share, according to the company’s bourse filing.

However, if the company only acquired between 144 mn and 216 mn shares, it would pay EGP 6.62 per share.

Commenting on the news, Orascom Chief Executive Tamer El Mahdi told Reuters that the market price per share of Sarwa was very attractive and that Orascom had the liquidity to make the acquisition.

Sarwa Capital’s shares, which were sold at EGP 7.36 each at its initial public offering (IPO) last month, dropped by roughly 15% on the first day of trading on October 15.