Egytrans’ board approves acquiring NOSCO via share swap
Updated 4/18/2023 10:12:00 AM
Arab Finance: The Egyptian Transport and Commercial Services Company’s (Egytrans) board has approved the acquisition of the National Transport and Overseas Services Company (NOSCO) via a share swap at a fair value of EGP 58.033 per share for the latter and EGP 2.594 per share for the former, according to an emailed press release on April 18th.
Subject to the approval of Egytrans’ shareholders, the deal will be executed by exchanging one share of Egytrans’ capital for 0.0447 shares of NOSCO’s capital, Mohamed Gamal Moharam, Chairman of Egytrans, said.
Under the deal, Egytrans’ capital will increase to around EGP 224.9 million, he added.
The fair value was determined by the independent advisor Archer Financial Advisors.
“We are in the process of completing a landmark deal that serves Egytrans’ expansion and growth strategy, through integration of the expertise and capabilities of the two companies, especially in the field of project logistics and land transport,” Abir Leheta, CEO of Egytrans, said.
Egytrans is an EGX-listed company that offers air, sea, and land transport services as well as customs clearance and storage.
NOSCO is a private trucking firm with more than 130 trucks as well as a specialized fleet for heavy and oversized cargo.
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