Orascom Construction's board proposes acquiring equipment distribution business

For $35mln

  
A trader works at the Egyptian stock market in Cairo .

A trader works at the Egyptian stock market in Cairo .

REUTERS/Mohamed Abd El Ghany
Mubasher: The board of Orascom Construction Plc has recommended acquiring an Egypt-based equipment importation, distribution, and services company in exchange for $35 million.

This proposal came after the company's board had approved management’s proposal to evaluate this potential acquisition and appoint an Independent Financial Advisor (IFA), according to a bourse filing on Monday.

This acquisition would enable Orascom Construction to expand in the services sector and grow its non-engineering, procurement, and construction (EPC) business.

Founded by Onsi Sawiris over 30 years ago and wholly owned by the Sawiris Family, the target company operates independently from Orascom Construction and comprises three separate legal entities operating under single management.

The three entities are Orascom Trading, Orascom Free Zone, and National Equipment Company.

The company is the sole agent for more than 45 original equipment manufacturers (OEMs) in Egypt, including Grove, John Deere, Volvo Penta, Hitachi, and Mitsubishi Heavy Industries.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Construction