Shareholders at Egypt-headquartered logistics group Egytrans approved the acquisition of 99.9 percent of National Transport and Overseas Services Company (NOSCO) through a share swap deal.
The combined company, which will be named Egytrans NOSCO, will be led by Gamal Moharam as chairman while Abir Leheta takes on the role of ceo shared services. Mohamed Nadim assumes the position of ceo commercial and operations.
Leheta described the deal as a “transformative opportunity for Egytrans” and that “NOSCO is a leading player in the project logistics and land transport sectors, and their expertise and capabilities will complement our own. Together, we will be able to offer our customers a wider range of services and solutions, and we will be well-positioned to capitalise on growth opportunities in the Egyptian market and beyond.” Existing Egytrans shareholders will own 70.17 percent of the combined company, while NOSCO shareholders will own the remaining 29.84 percent; the deal is expected to close in Q4 2023.
The transaction comes at a time of robust growth in Egypt’s logistics and transportation market, with a projected compound annual growth rate (CAGR) of 9 percent from 2022 to 2027. Egytrans NOSCO said its combined expertise and scale will enable it to leverage market drivers, capitalise on Egypt’s role as a major trading hub, and seize opportunities arising from regional infrastructure growth and the African Continental Free Trade Agreement.
