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Tuesday, 12 July 2016

Emirates National Group acquires 70% of Misr Bus

Abu Dhabi-based Emirates National Group (ENG) acquired 70% of Egyptian Advanced Company for Public Transportation, also known as Misr Bus, through a capital increase from EGP 5 mn to EGP 32 mn, sources told Al Mal. The company’s name was changed to “Mowasalat Misr” following the acquisition. Shuaa Capital acted as financial advisor for ENG, while Premiere Securities acted as financial advisor for Misr Bus. The company aims to grow its fleet to 300 vehicles from 90, the source added, using investments of around EGP 300 mn through a combination of debt and self-financing.

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