Ekuity Holding acquires 30% of Egypt's AluNile

AluNile is set to expand in services and products provided to the local and regional markets

  
Traders work at the Egyptian stock exchange in Cairo, November 19, 2014.

Traders work at the Egyptian stock exchange in Cairo, November 19, 2014.

REUTERS/Mohamed Abd El Ghany

Mubasher: Ekuity Holding has acquired 30% of the Nile Aluminum and Metals Company (AluNile), Kuwait News Agency (KUNA) quoted Ekuity's CEO Adnan Al-Sager as saying.

The CEO said on Sunday in a press statement that the acquisition aims to boost Kuwaiti investments in Egypt.

Ekuity aims to develop cooperation with leading companies and funds in Egypt in new investment opportunities.

Furthermore, AluNile is set to expand in services and products provided to the local and regional markets.

Ekuity Holding is a wholly-owned subsidiary of Kuwait Investment Authority (KIA) that was established in 2011 to become the authority’s investment arm in Egypt and the umbrella of all of its investments.

Meanwhile, AluNile was founded in Egypt in 1999 as an aluminum fabricator with a factory in 6th of October city. It is owned by the Prosperity Fund for small businesses.

Source: Mubasher

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