The Board of Directors of Egytrans approved the acquisition deal and the deal is now conditional on the approval of the shareholders at a general assembly meeting
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.
The Board of Directors of Egytrans approved the acquisition deal and the deal 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 by exchanging one share of Egytrans’ capital for 0.0447 shares of NOSCO capital while increasing Egytrans’ capital to around EGP 224.9 million.
Abir Leheta, CEO of Egytrans, said that this transaction will help the company to achieve maximum operational growth and 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.
