By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Research centres define optimal investment portfolio amid high inflation
    Research centres define optimal investment portfolio amid high inflation
    March 26, 2023
    Valuation dispute halts SODIC’s acquisition of Orascom for Real Estate
    Valuation dispute halts SODIC’s acquisition of Orascom for Real Estate
    March 26, 2023
    Abu Dhabi Islamic Bank - Egypt achieves net profit of EGP 2.190bn in 2022
    Abu Dhabi Islamic Bank – Egypt achieves net profit of EGP 2.190bn in 2022
    March 26, 2023
    JICA organizes hybrid event titled ‘Promoting Social and Continuous Learning in Egypt and Japan’
    JICA organizes hybrid event titled ‘Promoting Social and Continuous Learning in Egypt and Japan’
    March 26, 2023
    Financial position of banks in Egyptian market increases to EGP 11.399trn in 2022: CBE 
    Financial position of banks in Egyptian market increases to EGP 11.399trn in 2022: CBE 
    March 26, 2023
  • Politics
    PoliticsShow More
    Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
    Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
    March 26, 2023
    Al-Sisi follows up on Justice Ministry's efforts to accelerate trial procedures at courts
    Al-Sisi follows up on Justice Ministry’s efforts to accelerate trial procedures at courts
    March 26, 2023
    Egypt participates in Earth Hour initiative 
    Egypt participates in Earth Hour initiative 
    March 26, 2023
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Egyptian Transport Services receives initial acquisition bid of HA Utilities Holding
Share
Notification
Latest News
Research centres define optimal investment portfolio amid high inflation
Research centres define optimal investment portfolio amid high inflation
Business
Valuation dispute halts SODIC’s acquisition of Orascom for Real Estate
Valuation dispute halts SODIC’s acquisition of Orascom for Real Estate
Business
Abu Dhabi Islamic Bank - Egypt achieves net profit of EGP 2.190bn in 2022
Abu Dhabi Islamic Bank – Egypt achieves net profit of EGP 2.190bn in 2022
Business
JICA organizes hybrid event titled ‘Promoting Social and Continuous Learning in Egypt and Japan’
JICA organizes hybrid event titled ‘Promoting Social and Continuous Learning in Egypt and Japan’
Business
Financial position of banks in Egyptian market increases to EGP 11.399trn in 2022: CBE 
Financial position of banks in Egyptian market increases to EGP 11.399trn in 2022: CBE 
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Trade > Egyptian Transport Services receives initial acquisition bid of HA Utilities Holding
Trade

Egyptian Transport Services receives initial acquisition bid of HA Utilities Holding

Daily News Egypt
Last updated: 2021/03/11 at 8:55 AM
By Daily News Egypt 3 Min Read
Share
Egypt expects $5.8bn of chemical industries exports in 2021: Official
Egypt expects $5.8bn of chemical industries exports in 2021: Official
SHARE

The Egyptian Transport Services Company (Egytrans) has revealed that HA Utilities Holding BV, the owner of HA Utilities BV, has submitted an initial offer to set up a mechanism for integrating activities between the two companies.

The company clarified that the offer aims to achieve local and regional expansion, through its acquiring 100% of the Dutch company.

Egytrans indicated that the sale consideration is the formation of a debt in favour of HA Utilities Holding BV, to be paid by issuing additional shares in Egytrans.

This would take place according to the fair value determined by an independent financial advisor, after studying all the legal obligations of the parties and the legal and supervisory aspects necessary to complete this deal.

Egytrans stated that the letter estimated the initial value expected based on the information available in the public domain, in the range of EGP 12-13/share, with a total market value in the range of EGP 375m to EGP 405m.

It said that the expected value of the Dutch company, according to the seller’s initial estimates, is estimated at between EGP 680m-EGP 800m, based on 1.63 to 1.9x as a minimum of the relative value of the Dutch company against  Egytrans.

The letter presented made it clear that the offer achieves a 20% bonus for Egytrans shareholders over the average share price in the past six months. This is in addition to a partnership that allows Egytrans to expand in various areas of infrastructure, on top of which are the water treatment, desalination, and renewable energy sectors.

These run alongside the company’s expertise and investments in these fields, which supports  Egytrans’ position in financial market indices and increases its market value.

The company indicated that it will study the offer after discussion with the board of directors, adding that any decisions are not final. It noted that negotiations may result in reaching an agreement in the acquisition process and the agreement may not be reached.

The Board of Directors at Egytrans decided to convene the Ordinary and Extraordinary General Assembly on 3 February to discuss amending Articles 5 and 22 of the Company’s Articles of Association. These relate to changing the headquarters and increasing the seats of the Board of Directors.

The ordinary general assembly will consider the inclusion of a new member of the company’s board of directors.

Egytrans’ profits decreased by 60% during the first nine months of 2020 to EGP 12.1m, compared to a net profit of EGP 30m in the comparative period of the previous year, taking into account the rights of the minority.

You Might Also Like

Zimbabwe open for business, hopes to boost trade with Egypt: Finance Minister

Egytrans considers acquiring complementary company

AfCFTA should to be given more support at COP27: Afreximbank President at Egypt-ICF

WTO head Ngozi Okonjo-Iweala: how trade can help beat inequality

Transic Smart Transport negotiating with government-owned company to manage transport fleet

TAGGED: Egyptian Transport Services, Egytrans, HA Utilities Holding, Transport
Share this Article
Facebook Twitter Email Print
Previous Article Prime Minister directs for private sector medical teams to receive COVID-19 vaccine Prime Minister directs for private sector medical teams to receive COVID-19 vaccine
Next Article Artefact’s recovery was result of joint efforts and close cooperation between two countries Egypt retrieves stolen Ancient Egyptian Bastet statue from Canada
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Research centres define optimal investment portfolio amid high inflation
Research centres define optimal investment portfolio amid high inflation
Business
Valuation dispute halts SODIC’s acquisition of Orascom for Real Estate
Valuation dispute halts SODIC’s acquisition of Orascom for Real Estate
Business
Abu Dhabi Islamic Bank - Egypt achieves net profit of EGP 2.190bn in 2022
Abu Dhabi Islamic Bank – Egypt achieves net profit of EGP 2.190bn in 2022
Business
JICA organizes hybrid event titled ‘Promoting Social and Continuous Learning in Egypt and Japan’
JICA organizes hybrid event titled ‘Promoting Social and Continuous Learning in Egypt and Japan’
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?