CAIRO - 8 August 2023: Egytrans, logistics and transportation solutions provider, approved the acquisition of 99.9 percent of the National Transport and Overseas Services Company (NOSCO) through a share swap. The combined company will be named Egytrans NOSCO.
The acquisition will take place through a share swap exchanging one share of Egytrans’ capital for 0.0447 shares of NOSCO’s capital while increasing overall capital to around LE 224.9 million. The transaction is expected to close in the fourth quarter of 2023.
The deal was earlier approved at the fair value per share in accordance with an independent valuation by Archer Financial Advisors of LE 58.033 per share for NOSCO, and LE 2.594 per share for Egytrans.
Existing Egytrans shareholders will own 70.1 percent of the combined company, while NOSCO shareholders will own the remaining 29.83 percent. Egytrans current Chairman Gamal Moharam will act as Egytrans NOSCO’s chairman, and Abir Leheta and Mohamed Nadim will be co-CEOs of the new company.
Egypt's logistics and transportation market has a projected compound annual growth rate (CAGR) of 9 percent from 2022 to 2027.
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