Egyptian Logistics Company Egytrans to Acquire 99.9 Percent of NOSCOSource: www.export-egypt.com 4/18/2023, Location: Africa |
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Egyptian company Egytrans approved a proposal to acquire 99.9 percent of the share capital of National Transport and Overseas Services Company (NOSCO), a bourse filing read.
Egytrans, listed on Egyptian Exchange, is a provider of logistics and transportation solutions. NOSCO operates in land transport and specialises in transport for mega-projects. The deal will be completed through a swap of 67.11 million shares of Egytrans capital to NOSCO shareholders, by increasing Egytrans’ issued capital at a fair value of EGP 2.594 per share. Egytrans announced in September it was considering the acquisition of a company operating in a field complementary to its activities in order to expand and support its business. According to a report by the global law firm Baker McKenzie, a total of 242 merger and acquisition deals were completed in Egypt during 2022 at a value of $8.2 billion, compared to 243 deals in 2021, with a value of $9 billion. |
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