Mowasalat Misr acquires two transport companies, in talks with banks for funding

Private transport company Mowasalat Misr recently acquired Al Hiba and Cairo Transport and is currently in talks to acquire a third company, Al Borsa reports. Many of the total 150 buses acquired through both companies were sold off while others are being renovated, Mowasalat Misr CEO Hisham Taha says. The company will launch operations at the start of September and is planning to bring 500 buses into its fleet to cover the Greater Cairo area within two years at an expected cost of EGP 1 bn. An app for the service will be launched sometime during 3Q2017. According to Taha, Mowasalat Misr is eyeing revenues between EGP 800 mn and 1.2 bn in 2019, and is currently in talks with Egyptian and European banks and financial institutions for funding. Mowasalat Misr launched WiFi and AC equipped buses in Cairo last week.