Egytrans to acquire 99.9% of NOSCO through share swap

The Egyptian Transport and Commercial Services Company (Egytrans)’s board of directors approved a deal to acquire 99.9% of the share capital of National Transport and Overseas Services Company (NOSCO), a land transport and specialized transport company for mega-projects.

Abir Leheta, CEO of Egytrans, said that this transaction comes in line with Egytrans’ goals to achieve maximum operational growth, target larger opportunities and projects in the field of project logistics and land transport, in addition to expanding geographically and operationally across local, regional and global markets.

The acquisition is now conditional on the approval of the shareholders at a general assembly meeting that will take place on 14 May, Mohamed Gamal Moharam, Chairman of Egytrans, said.

Moharam stated that upon the approval of Egytrans shareholders, the deal will be executed through exchanging one share of Egytrans’ capital for 0.0447 shares of NOSCO capital while increasing Egytrans’ capital to around EGP 224.9 million.