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Wednesday, 29 November 2017

Mowasalat Misr to invest EGP 1 bn in Egypt bus fleet expansion during 2018

INVESTMENT WATCH- Mowasalat Misr to invest EGP 1 bn in Egypt bus fleet expansion during 2018: Private transport company Mowasalat Misr is investing EGP 1 bn in Egypt in 2018 to support its planned expansions, sources familiar with the matter tell Al Mal. Mowasalat, a 70%-owned subsidiary of the Emirates National Group, is planning to secure EGP 500 mn via loans from the Emirates NBD and Abu Dhabi Islamic Bank. The company is also planning to raise EGP 32 mn in capital through its shareholders to bring its total capital up to EGP 500 mn. Mowasalat had announced in July that it was planning to bring 500 buses into its fleet over the next two years to cover the Greater Cairo area after it launched AC- and WiFi-equipped buses in the capital over the summer.

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