Back to the complete issue
Thursday, 20 July 2017

Mowasalat Misr acquires two transport companies, in talks with banks for funding

Private transport company Mowasalat Misr recently acquired Al Hiba and Cairo Transport and is currently in talks to acquire a third company, Al Borsa reports. Many of the total 150 buses acquired through both companies were sold off while others are being renovated, Mowasalat Misr CEO Hisham Taha says. The company will launch operations at the start of September and is planning to bring 500 buses into its fleet to cover the Greater Cairo area within two years at an expected cost of EGP 1 bn. An app for the service will be launched sometime during 3Q2017. According to Taha, Mowasalat Misr is eyeing revenues between EGP 800 mn and 1.2 bn in 2019, and is currently in talks with Egyptian and European banks and financial institutions for funding. Mowasalat Misr launched WiFi and AC equipped buses in Cairo last week.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.