Arab Finance: Egyptian Transport and Commercial Services Company’s (EGYtrans) extraordinary general meeting (EGM) approved the acquisition of 99.9% or 2.999 million shares of National Transport and Overseas Services Co’s (NOSCO) capital via share swap, according to a statement filed to the Egyptian Exchange (EGX) on July 10^th.

The company plans to purchase these shares in NOSCO via the share swap of the acquired shares with 67,112 million shares of EGYtrans at a 1:0.0447 ratio.

The EGM also endorsed EGYtrans’ fair value (FV), conducted by the independent financial advisor, as well as the FV of NOSCO.

Therefore, the EGM agreed upon the issued capital increase proposal submitted by EGYtrans board, under which the capital shall increase to EGP 224.949 million from EGP 156.062 million at a fair value of EGP 2.594 per share.

EGYtrans is an Egypt-based company engaged in international sea, air, and land transportation services.

The company offers a wide range of services such as import and export, general cargo handling, dry cargo handling, customs clearance, warehousing, packing, and specialized transportation.

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