Egyptian billionaire buys stake in Martin Marietta

1216.jpgThe investment company of Egyptian billionaire Nassef Sawiris has taken a 9.7 percent stake in Raleigh construction-aggregates company Martin Marietta.NNS Holding disclosed in a filing Tuesday with the U.S. Securities and Exchange Commission that it owns about 450,000 shares of Martin Marietta. The investment firm also owns options for an additional 3.68 million shares that mature in the next 60 days.

Nassef Sawiris is the youngest son of Onsi Sawiris, founder of the Egyptian conglomerate Orascom, and runs Orascom’s construction division. According to Fortune magazine, he is worth $3.9 billion.

Shares of Martin Marietta, which mines materials for the construction industry, hit an all-time high Tuesday of $169.74 before dipping. Shares were trading at $166.16, a drop of less than 1 percent, in early afternoon trading.

Martin Marietta’s stock price has more than doubled over the past 12 months.

Check Also

Iran, Pakistan look to the future

Cultural and religious affinities have linked Iran and Pakistan as to neighbors. Politically, the two …