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Sunday, 14 January 2018

Mowasalat plans to invest EPG 3 bn in Egypt by 2021

INVESTMENT WATCH- Private transport company Mowasalat Misr has plans to invest EGP 3 bn in Egypt by 2021, CEO Hisham Taha said on Thursday, Al Mal reports. Mowasalat successfully completed a capital increase to EGP 150 mn this month and intends to increase that to EGP 250 mn before the end of 2018, he added, pointing out that Mowasalat majority shareholder Emirates National Group is determined to move forward with plans to expand its Egypt operations which could potentially involve a 2020 IPO. Taha’s statements came during the launch ceremony for the first phase of the smart buses project in Cairo, which saw Mowasalat introduce 56 new WiFi and A/C-equipped buses to Cairo’s streets following an earlier trial run. Mowasalat had also said last July that it was planning to bring 500 buses into its fleet over the next two years to cover the Greater Cairo area and was in talks with Egyptian and European backers for financing. The company had said in November that it was investing EGP 1 bn in 2018 and was tapping Emirates NBD and ADIB for loans totaling EGP 500 mn.

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