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Sunday, 18 February 2018

Hassan Allam Holding looking to acquire 60% of PGESCo -report

M&A WATCH- Hassan Allam Holding is looking to acquire 60% of the Power Generation Engineering and Services Company (PGESCo) for EGP 420 mn this month, sources from Hassan Allam told Al Borsa on Thursday. The company hopes to acquire the stake from existing shareholders, including CIB, Saud Consultants, and BPE Partners. Hassan Allam has also reportedly agreed that it would not be involved in the management of PGESCo once the acquisition is complete, sources added. The Electricity Ministry holds a 40% stake in PGESCo. Matouk Bassiouny is has been tapped to advise on the transaction, the story claims, without noting who the firm is reportedly advising.

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