Al Ahly Capital completes acquisition of NBE’s livestock company

M&A WATCH- Arqaam Securities Brokerage completed Al Ahly Capital’s EGP 744 mn acquisition of 100% of the International Company for Livestock from its corporate parent, the National Bank of Egypt, according to Mubasher. The agreement will see Al Ahly Capital use the livestock company’s 600-feddan farm in Abu Rawash to establish an industrial project with initial investments of EGP 2 bn over the next three to four years. The company will finance the acquisition through the sale of parts of its stake in five state-owned companies under the state’s privatization program, including Sidi Kerir Petrochemicals, AMOC, and Abu Qir Fertilizers. Former CEO Khaled Badawi had said in December last year that Al Ahly Capital acquired the livestock company for EGP 1 bn, with plans to invest EGP 3 bn in the Abu Rawash industrial project.