{"id":566145,"date":"2021-05-31T14:03:36","date_gmt":"2021-05-31T14:03:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/31\/fra-pulls-the-brakes-on-egytrans-paradigm-logistics-partnership\/"},"modified":"2021-05-31T14:03:36","modified_gmt":"2021-05-31T14:03:36","slug":"fra-pulls-the-brakes-on-egytrans-paradigm-logistics-partnership","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/31\/fra-pulls-the-brakes-on-egytrans-paradigm-logistics-partnership\/","title":{"rendered":"FRA pulls the brakes on Egytrans, Paradigm Logistics partnership"},"content":{"rendered":"

<\/a> EgyTrans is once again happy with an acquisition offer from HA Utilities BV, <\/strong>after a separate, higher bid that had prompted it to rethink the sale was challenged by the Financial Regulatory Authority. The authority slammed the offer by Paradigm Logistics in a regulatory filing (pdf)<\/a> today, saying the company has no grounds to propose to swap its 72% stake in shipping company Ostool<\/a>, in exchange for new shares in EgyTrans. Paradigm apparently never completed its purchase of 72% stake, as it has yet to buy the 62.3% of Ostoul from Raya Holding. Paradigm and Raya still need to meet conditions outlined in a sale contract<\/a> by no later than 31 March 2022.<\/p>\n

Following the FRA\u2019s statement, EgyTrans said it\u2019s no longer considering Paradigm\u2019s offer,<\/strong> and will instead turn to ongoing talks with HA Utilities BV, a Netherlands-based subsidiary of HA Utilities<\/a>, to acquire a 65% stake in EgyTrans via a reverse merger, according to a separate filing (pdf)<\/a>.<\/p>\n

Why did Paradigm\u2019s offer prompt EgyTrans to pay less attention to HA Utilities anyway? <\/strong>Paradigm valued EgyTrans\u2019 shares at EGP 460 mn<\/a>, which was higher than the EGP 414 mn<\/a> proposed in a fair value report attached to HA Utilities\u2019 bid.<\/p>\n

Background: <\/strong>Egytrans had accepted in March<\/a> an offer from HAUH to acquire a controlling stake in the company. The transaction took a step closer this week, when the final fair value reports for both companies were finalized by Grant Thornton.<\/p>\n

CORRECTION: <\/strong>This story was amended on Tuesday, 1 June 2021 to reflect that Ostool is a\u00a0shipping\u00a0<\/em>company, not a\u00a0shopping\u00a0<\/em>company. Autocorrect is never there for you when you most ducking need it.<\/p>\n","protected":false},"excerpt":{"rendered":"

EgyTrans is once again happy with an acquisition offer from HA Utilities BV, after a separate, higher bid that had prompted it to rethink the sale was challenged by the Financial Regulatory Authority. The authority slammed the offer by Paradigm Logistics in a regulatory filing (pdf) today, saying the company has no grounds to propose […]<\/p>\n","protected":false},"author":1,"featured_media":566146,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10045],"tags":[102,1142,633,76,1473,7128,1985,476,614,343],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-ma-watch","tag-capital-markets","tag-egytrans","tag-enterprisepm","tag-financial-regulatory-authority","tag-investment-banking","tag-ma-watch","tag-ostool","tag-paradigm-logistics","tag-raya-holding","tag-regulation","wpautop","entry"],"acf":{"mongo_id":"413a77fd-4a8c-4d18-ab0f-0584abca51bc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/494.jpg","photo_position":"above","related_issue":[566141],"teaser":"","voice_url":""},"yoast_head":"\nFRA pulls the brakes on Egytrans, Paradigm Logistics partnership - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/31\/fra-pulls-the-brakes-on-egytrans-paradigm-logistics-partnership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA pulls the brakes on Egytrans, Paradigm Logistics partnership\" \/>\n<meta property=\"og:description\" content=\"EgyTrans is once again happy with an acquisition offer from HA Utilities BV, after a separate, higher bid that had prompted it to rethink the sale was challenged by the Financial Regulatory Authority. 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The statement did not note how many shares Paradigm will own in Egytrans following the transaction. Paradigm valued EgyTrans\u2019 shares at EGP 14.7 apiece,\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":556225,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/17\/egytrans-walks-away-from-hauh-takeover-bid\/","url_meta":{"origin":566145,"position":1},"title":"Egytrans walks away from HAUH takeover bid","author":"enterpriseam admin","date":"17 October 2021","format":false,"excerpt":"Egytrans pulls the brakes on HAUH takeover: A potential reverse merger between Egytrans and Hassan Allam Utilities Holdings (HAUH) subsidiary Hassan Allam Utilities BV appears to have fallen through after the two sides failed to agree on a fair value, the transportation firm said in an EGX disclosure (pdf). The\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\/10\/177.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565649,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/21\/raya-exits-transport-subsidiary-ostool\/","url_meta":{"origin":566145,"position":2},"title":"Raya exits transport subsidiary Ostool","author":"enterpriseam admin","date":"21 April 2021","format":false,"excerpt":"Raya offloads stake in transport arm: Raya Holding has signed an agreement to sell its 62.3% stake in shipping subsidiary Ostool to Paradigm Logistics in a EGP 266.6 mn transaction, according to a regulatory filing (pdf). The acquisition should wrap up no later than 31 March 2022, according to the\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":546892,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/raya-finalizes-ostool-sale\/","url_meta":{"origin":566145,"position":3},"title":"Raya finalizes Ostool sale","author":"enterpriseam admin","date":"1 June 2022","format":false,"excerpt":"Raya Holding is close to selling its 62.3% stake in freight subsidiary Ostool to Paradigm Logistics for EGP 266.6 mn, it said in a disclosure to the EGX (pdf) yesterday. The company will sell 53.9 mn shares to Paradigm at EGP 4.94 apiece, the filing said, adding that the two\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\/2022\/6\/95.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569070,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/12\/raya-receives-a-bid-for-31-stake-in-its-transport-arm\/","url_meta":{"origin":566145,"position":4},"title":"Raya receives a bid for 31% stake in its transport arm","author":"enterpriseam admin","date":"12 February 2020","format":false,"excerpt":"M&A WATCH- Raya receives a bid for 31% stake in its transport arm: Raya Holding has received a EGP 133 mn non-binding offer from British Virgin Islands-based Paradigm Logistics to acquire a 31% stake of its Ostool Shipping Company, according to a regulatory filing (pdf). Raya currently holds a 62.3%\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569113,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/13\/raya-may-approve-a-bid-for-31-stake-in-its-transport-arm\/","url_meta":{"origin":566145,"position":5},"title":"Raya may approve a bid for 31% stake in its transport arm","author":"enterpriseam admin","date":"13 February 2020","format":false,"excerpt":"M&A WATCH- Raya may approve bid for 31% stake in its transport arm: Raya Holding is likely to approve the EGP 133 mn offer from Paradigm Logistics to acquire a 31% stake in its Ostool Shipping Company, Al Mal reports, citing unnamed sources. Unnamed sources said that the company will\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566145","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=566145"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566145\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566141"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/566146"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566145"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566145"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}