Egyptian major provider of logistics and transportation solutions, Egytrans said on Sunday it would only sign a binding agreement with H.A. Utilities Holding BV only if a fair value (FV) estimation study of the shares of the two companies is conducted.
H.A. Utilities Holding BV is the owner of infrastructure and renewable energy firm H.A. Utilities BV (DutchCo).
An independent financial advisor, certified by the Egyptian Financial Regulatory Authority (FRA), will be asked to conduct the FV study before Egytrans can decide on the share-swap acquisition offer submitted by the Dutch firm, the company added in a bourse disclosure.
In addition, the board of directors also decided to carry out a legal study on the Dutch company and hire an investment bank to provide technical services concerning the offer submitted by H.A. Utilities Holding, jointly owned by Hassan Allam Holding and Tanmiya Energy.
The board approved the appointment of Matouk Bassiouny & Hennawy Law firm to advise on the offer and provide all legal, contracting, and procedural consulting services in this regard.
Egytrans announced last week H.A. Utilities Holding BV’s offer.
