Egytrans denies rumors about acquisition offer

Cairo – Mubasher: The Egyptian Transport and Commercial Services Company (Egytrans) has denied rumors about a potential acquisition offer on the company’s shares at a value of EGP 4.50 per share, noting that it has not received any offers in this regard.

However, the top management of the EGX-listed company currently mulls a potential acquisition of a company operating in a field complementary to Egytrans’ activities. The step aims to strengthen Egytrans' footprint and promote its business, according to a stock exchange statement on Wednesday.

Hence, Egytrans is now studying available alternatives and means through which it can implement the takeover deal and reach an initial decision on whether to further proceed with the transaction or not.

It is worth noting to mention that in the first half (H1) of 2022, Egytrans achieved a net profit of EGP 20.15 million, a hike from EGP 6.42 million in the year-ago period.

Meanwhile, revenues for H1-22 surged to EGP 187.12 million from EGP 123.5 million in H1-21.

Mubasher Contribution Time: 28-Sep-2022 08:49 (GMT)
Mubasher Last Update Time: 28-Sep-2022 08:51 (GMT)