{"id":75670,"date":"2023-12-20T00:00:00","date_gmt":"2023-12-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/12\/20\/egytrans-to-complete-acquisition-of-nosco-in-early-2024\/"},"modified":"2023-12-20T00:00:00","modified_gmt":"2023-12-20T00:00:00","slug":"egytrans-to-complete-acquisition-of-nosco-in-early-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/12\/20\/egytrans-to-complete-acquisition-of-nosco-in-early-2024\/","title":{"rendered":"Egytrans to complete acquisition of NOSCO in early 2024"},"content":{"rendered":"

Egytrans takeover of NOSCO pushed to early 2024:<\/strong> Egyptian transport and logistics company Egytrans<\/a> will finalize its 99.9% acquisition<\/a> of trucking outfit National Transport and Overseas Services Company (NOSCO)<\/a> in early 2024, Egytrans CEO Abir Leheta told CNBC Arabia<\/a>. The acquisition was set to wrap up this quarter<\/a>, after it had been postponed from 1H 2023<\/a>. \u201cThe acquisition will help us expand our fleet and operations and will enable us to enter new markets,\u201d Leheta said.<\/p>\n

Background:<\/strong> The acquisition will be executed through a share swap, which will see Egytrans shareholders holding a 70.17% stake in the merged entity \u2014 dubbed Egytrans NOSCO \u2014 and NOSCO shareholders holding the remaining 29.83%.<\/p>\n

ICYMI- <\/strong>Earlier this week, the company unveiled plans<\/a> to establish a SAR 10 mn (USD 2.7 mn) limited liability company in Saudi Arabia in partnership with the KSA\u2019s Link Investments<\/a> in 1Q 2024, with an initial capital of SAR 500k. The company will focus on wind projects during its initial push into the Saudi market in light of the Kingdom\u2019s plan to increase the share of renewables in its energy mix to 50% by 2030, Leheta said. <\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition was postponed from 1H 2023<\/p>\n","protected":false},"author":1,"featured_media":75671,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[941],"tags":[49,270,137,232],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-egypt","tag-egytrans","tag-ma-watch","tag-trucking","wpautop","entry"],"acf":{"mongo_id":"51417d2d-9f8e-4fd0-b5dc-f1c8c3cb84ba","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1227.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egytrans to complete acquisition of NOSCO in early 2024","related_issue":[75660],"teaser":"The acquisition was postponed from 1H 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.24737db5-b1a8-4e45-8775-8c1d20a4c81d.mp3"},"yoast_head":"\nEgytrans to complete acquisition of NOSCO in early 2024 - 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