Egytrans takeover of NOSCO pushed back again: Transport and logistics company Egytrans will finalize its acquisition of 99.9% of the National Transport and Overseas Services Company (NOSCO) in early 2024, Egytrans CEO Abir Leheta told CNBC Arabia, citing delayed legal procedures. The acquisition was set to wrap up this quarter, after it had been postponed from 1H 2023.

Background: The acquisition will be executed through a share swap, which will see Egytrans shareholders holding a 70.17% stake in the merged entity — dubbed Egytrans NOSCO — and NOSCO shareholders holding the remaining 29.83%. “The acquisition will help us expand our fleet and allow us to enter new markets,” Leheta said.

ALSO FROM EGYTRANS- The company will focus on wind projects during its initial push into the Saudi market in light of the kingdom’s plan to increase the share of renewables in its energy mix to 50% by 2030, Leheta explained. Earlier this week, the company announced its plans to establish a SAR 10 mn (USD 2.7 mn) limited liability company in Saudi Arabia in partnership with the kingdom’s Link Investments in 1Q 2024.

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