Egyptian investor acquires minority stake in Simplex: An undisclosed Egyptian investor has acquired a non-controlling stake in local industrial machinery manufacturer Simplex in an EGP eight-figure transaction, company CEO Ahmed Shaaban told EnterpriseAM, without disclosing further details. Shaaban also noted that previous negotiations with Elsewedy Electric CEO Ahmed Elsewedy over a possible EGP 50 mn stake acquisition had not been completed due to disagreements over the size of the stake.

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Where is the money going? The funds from the agreement will be used to complete the construction of the firm’s EGP 100 mn factory in Tenth of Ramadan City — set to be completed by May 2025 — and fund R&D efforts aimed at producing new models of the company’s computer numerical control (CNC) machines, Shaaban told us. The funds will also support Simplex’s plans to expand into three new countries, including Tunisia, Morocco, and Algeria. The firm already operated in the UAE, Saudi Arabia, and Libya, he said.

CNC machines? A CNC machine — short for computer numerical control machine — is a computer-controlled piece of machinery used in industry to cut and shape materials. CNC machines are good at dealing with complex and precise designs and repetitive tasks, making them an important tool in the manufacture of high-precision parts.

Advisor: Exits MENA served as buy side advisor on the transaction, the company announced on LinkedIn.

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