{"id":562534,"date":"2021-05-27T04:13:12","date_gmt":"2021-05-27T04:13:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/ha-utilities-is-one-step-closer-to-expanding-into-transport-with-egytrans-acquisition\/"},"modified":"2021-05-27T04:13:12","modified_gmt":"2021-05-27T04:13:12","slug":"ha-utilities-is-one-step-closer-to-expanding-into-transport-with-egytrans-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/ha-utilities-is-one-step-closer-to-expanding-into-transport-with-egytrans-acquisition\/","title":{"rendered":"HA Utilities is one step closer to expanding into transport with EgyTrans acquisition"},"content":{"rendered":"

<\/a> HA Utilities BV has been valued at EGP 721.5 mn in a fair value assessment from<\/strong> Grant Thornton<\/strong>, Egytrans\u2019 financial advisor, ahead of a potential reverse merger between the two companies, Egytrans said in an EGX disclosure (pdf)<\/a>. The report valued Egytrans\u2019 shares at EGP 12.90 apiece, bringing its total value to EGP 414 mn. These valuations are more or less in line with earlier estimates<\/a> by HA Utilities BV\u2019s parent company HA Utilities Holding (HAUH), which valued its subsidiary at EGP 680-800 mn and Egytrans at EGP 375-405 mn. Egytrans\u2019 board members convened yesterday to consider the fair value assessment, which still requires sign-off from the Financial Regulatory Authority.<\/p>\n

Background: <\/strong>Egytrans had accepted in March<\/a> an offer submitted by HAUH to acquire a controlling stake in the company via a share swap that would see Egytrans acquire 100% of HAUH subsidiary HA Utilities BV in exchange for HAUH acquiring a 65% stake in Egytrans. The transaction is key to Hassan Allam Utilities\u2019 expansion into transportation, CEO Mena Sadek told us<\/a> in March.<\/p>\n

Advisors:<\/strong> Grant Thorton and an unnamed investment bank will act as financial advisors to Egytrans, while Matouk Bassiouny & Hennawy will act as counsel. White & Case will serve as counsel to HAUH.<\/p>\n

\u00a0<\/p>\n

CORRECTED ON 27 May 2021-<\/p>\n

Egytrans was valued at EGP 414 mn by the FV report, not EGP 404 mn as was reported this morning.<\/p>\n","protected":false},"excerpt":{"rendered":"

HA Utilities BV has been valued at EGP 721.5 mn in a fair value assessment from Grant Thornton, Egytrans\u2019 financial advisor, ahead of a potential reverse merger between the two companies, Egytrans said in an EGX disclosure (pdf). The report valued Egytrans\u2019 shares at EGP 12.90 apiece, bringing its total value to EGP 414 mn. 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The company\u2019s board \u201ccarefully reviewed the proposal and unanimously concluded that the proposal\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":605254,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/26\/egytrans-considers-egp-30-mn-railway-line\/","url_meta":{"origin":562534,"position":4},"title":"EgyTrans considers EGP 30 mn railway line","author":"enterpriseam admin","date":"26 December 2018","format":false,"excerpt":"The Egyptian Transport and Commercial Services Company (EgyTrans) is looking to build a EGP 30 mn cargo transport railway line, Chairman Abeer Leheta told Al Mal. The company is currently conducting studies on the project, which will be partly self-financed and partly through bank loans. The transport solutions provider expects\u2026","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560755,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/11\/hassan-allam-utilities-eyes-expansion-into-transport-through-ma\/","url_meta":{"origin":562534,"position":5},"title":"Hassan Allam Utilities eyes expansion into transport through M&A","author":"enterpriseam admin","date":"11 March 2021","format":false,"excerpt":"HA Utilities Holding (HAUH) could soon expand into Egypt\u2019s transport and logistics sector after it submitted a non-binding offer to take a controlling stake in Egyptian transport player Egytrans via a share swap, the two companies said in separate statements here (pdf) and here (pdf).In detail: HAUH is eyeing a\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/169.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=562534"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562534\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562523"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/562535"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562534"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562534"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}