Egytrans to wrap up acquisition of NOSCO by end of H1
Updated 3/5/2023 8:26:00 AM
Arab Finance: Egyptian Transport and Commercial Services Company (ETRS) (EGYtrans) will finalize the acquisition of trucking industry firm National Company for Transportation and Overseas Services (NOSCO) before the end of the first half (H1) of this year, Al Mal News reported on March 2nd, citing Egytrans’ CEO Abir Leheta.
Leheta said, during a press conference to celebrate the 25th anniversary of the company's listing on the Egyptian Exchange (EGX), that work is underway to complete the due diligence process on NOSCO.
She pointed out that the transaction’s value has not been determined yet, and it will be disclosed upon the completion of the acquisition.
Also, Leheta did not reveal how much stake Egytrans is eyeing in NOSCO.
In October 2022, Egytrans said that its board of directors is considering the acquisition of a majority stake in NOSCO.
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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