The Egyptian Transport and Commercial Services Company (Egytrans) is close to completing the full acquisition of the National Transport and Overseas Services Company (NOSCO).
Sources told Daily News Egypt that NOSCO was valued at around EGP 174m.
The deal will be executed through a share swap, as the two companies announced earlier.
The sources added that the financial advisor for the deal, Catalyst Partners, is working on the final procedures for the transfer of shares after obtaining the approval of the Financial Regulatory Authority. Zaki Hashim and Partners played the role of the legal advisor for the deal, and the independent financial advisor Archer Financial Consulting determined the fair value of the company.
The source emphasized that the merger enhances the business model of Egtrans, as NOSCO focuses its work in the field of oil, while the first company focuses its work in the field of clean electricity, renewable energy and environmental preservation.
The Board of Directors of Egytrans decided last April to implement the acquisition of 99.99% of the shares of the capital of the National Company for Transportation and High Seas Services – NOSCO, after a detailed study of the data of the acquisition deal and ensuring the expected results of this cooperation and that it is in line with the company’s activities and strategy.
Abeer Lahita, managing director of Egytrans at the time, said that the completion of the deal will serve EGYTRANS’ strategy of expansion and growth as a result of the integration of expertise and capabilities between the two companies, especially in the field of logistics for mega projects and land transport, in a way that preserves their leading position and builds on it within the transport sector.
She added: “We seek to exploit the advantages of NOSCO, especially through its land fleet and practical expertise, to achieve the maximum degree of operational growth, acquire more opportunities, and enter into larger logistical businesses and projects, in addition to expanding geographically and operationally in both the local, regional and global markets.”
