The Egyptian Transport and Commercial Services company, Egytrans, has greenlit the acquisition of a 99.9% stake in the National Transport and Overseas Services Company (NOSCO) through a share swap arrangement, as outlined in an official statement released on Tuesday.
Under the terms of the acquisition, Egytrans will execute a share swap that entails exchanging one share of its own capital for approximately 0.0447 shares of NOSCO’s capital. This strategic move will result in an overall capital increase, raising it to approximately 224.9 million pounds. The completion of the transaction is anticipated during the fourth quarter of 2023.
This acquisition had been previously sanctioned based on an independent valuation conducted by Archer Financial Advisors. The assessed fair value per share for NOSCO stood at 58.033 pounds, while the corresponding value for Egytrans was determined as 2.594 pounds per share.
Egytrans emphasized that this development marks a significant achievement for the company, solidifying its market standing and extending its operational reach to capitalize on the burgeoning logistics sector.
