The Egyptian Transport and Commercial Services company (Egytrans), approved the acquisition of 99.9 percent of the National Transport and Overseas Services Company (NOSCO) through a share swap, according to its statement on Tuesday.
The acquisition will take place through a share swap exchanging one share of Egytrans’ capital for 0.0447 shares of NOSCO’s capital, while increasing overall capital to around 224.9 million pounds. The transaction is expected to close in the fourth quarter 2023.
The deal was earlier approved at the fair value per share in accordance with an independent valuation by Archer Financial Advisors of 58.033 pounds per share for NOSCO, and 2.594 pounds per share for Egytrans.
The statement added that this step marks a significant milestone for Egytrans as it fortifies its market position and expands its operational platform to tap into the growing logistics market.
