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Egytrans to set up new company at SCZone; rejects reverse merger

Egytrans to set up new company at SCZone; rejects reverse merger

ArabFinanceEgyptian Transport and Commercial Services Co (Egytrans) announced that its board of directors approved the establishment of a new company under the name of Egytrans for Logistic Solutions to carry out storage and logistics activities and import used cars.

The new company will be set up in the Suez Canal Economic Zone (SCZone), with an authorized capital of $1 million and an issued capital of $200,000, according to a statement filed to the Egyptian Exchange (EGX).

Regarding the non-binding offer for business integration submitted by the Dutch H.A. Utilities Holding BV, owned by Hassan Allam Holding, Egytrans’ board decided not to consider the offer as they have not agreed on a fair price to implement the transaction.

Egytrans is an Egypt-based company engaged in the 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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