Cairo – Mubasher: The board members of Egyptian Transport and Commercial Services Company (Egytrans) approved to establish a new limited liability company in Saudi Arabia at a total capital of SAR 10 million.
Egytrans will partner with the Saudi-based Link Investments to incorporate the new venture before the end of the first quarter (Q1) of 2024, according to a bourse disclosure.
The Egyptian and Saudi parties each will hold an equal equity of 50% in the capital.
Meanwhile, the board of directors agreed in its 14 December 2023 meeting to establish the business at an initial capital worth SAR 500,000.
During the first nine months (9M) of 2023, the Egyptian listed firm generated consolidated net profits after tax of EGP 37.65 million.
It is worth noting that Egytrans recently entered an EGP 124 million agreement for the Egypt Amunet wind farm project.
Earlier in 2023, the Financial Regulatory Authority (FRA) approved for the Egyptian company to raise its issued capital to EGP 224.94 million.
