Egyptian major provider of logistics and transportation solutions, Egytrans announced on Wednesday that H.A. Utilities Holding BV, owner of infrastructure and renewable energy firm H.A. Utilities BV (DutchCo), submitted a non-binding offer for business integration.
The Dutch firm is offering Egytrans 100 percent stake in DutchCo in consideration of an indebtedness owed to the seller and settled through the issuance of additional shares in Egytrans at a fair value estimated by an independent financial advisor.
H.A. Utilities Holding BV is jointly owned by Hassan Allam Holding and Tanmiya Energy BV.
According to the Egyptian company’s bourse filling, H.A. Utilities Holding BV estimated the stock of Egytrans at a fair value ranging between 12-13 Egyptian pounds ($0.76 – $0.83) per share for a total market cap of 375 million to 405 million Egyptian pounds.
Meanwhile, H.A. Utilities Holding BV’s fair value has been estimated at 680 million to 800 million pounds, based on a relative value of 1.63 times to 1.9 times in favour of the Dutch company, the bourse filling added.
The offer, which is currently under consideration, provides the shareholders of Egytrans a premium of 20 percent above the value-weighted-average-price per share in the last six months.
