NBE, Banque Misr to buy 4% of Arab Contractors subsidiary for EGP 2.5 bn

M&A WATCH- NBE, Banque Misr to buy 4% of Arab Contractors subsidiary for EGP 2.5 bn: Arab Contractors will sell 4% of its share in Mostakbal Urban Developments to the state-owned National Bank of Egypt (NBE) and Banque Misr in a EGP 2.5 bn transaction, Arab Contractors Chairman Mohsen Salah said yesterday. The contracts for the agreement, which will see each bank receive a 2% share, should be signed and sealed before the end of May, he said, adding that the transaction gives Arab Contractors the right to buy back the shares within two years. Arab Contractors will use proceeds from the sale to expand its existing investments, bolster its working capital, and pay back bank loans.