Arab Finance: The board of Egyptian Transport & Commercial Services Co. (Egytrans NOSCO) approved granting Africa Global Logistics (AGL) and its advisers access to the necessary data and documents to conduct due diligence, according to a bourse filing.

The decision comes after Egytrans NOSCO received notification from AGL of its intention to submit a mandatory tender offer (MTO) to acquire the company's shares, paving the way for its voluntary delisting from the Egyptian Exchange (EGX).

Accordingly, AGL will be allowed to review the information and documents necessary for due diligence for a period of 60 days from the start of the review, in accordance with confidentiality and data protection requirements.

The approval does not constitute acceptance or endorsement of any future offer that AGL may submit to acquire the company's shares. The decision does not create any legal or financial obligation for the company, nor does it commit either party to a sale transaction or to any specific price.

Moreover, the board approved authorizing Chairman Maged Shawky Ismail to appoint legal advisers, agree on the scope of their work and fees, and sign the necessary agreements and contracts related to the process.

It is worth noting that AGL seeks to acquire up to 100% of Egytrans NOSCO's share capital, with a minimum acquisition threshold of 75% of the total outstanding shares.

The indicative offer price ranges between EGP 11.25 and EGP 12.25 per share. However, the final acquisition price remains subject to change based on the outcome of the due diligence process to be conducted on the company.

Established in 1973, Egytrans NOSCO is a transport and logistics solutions provider in Egypt. The company offers a range of services, including sea freight, air freight, consolidation, warehousing, exhibitions, project logistics, and specialized transport. Other services include customs clearance, packing, and land transportation.