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Tuesday, 13 October 2020

Elsewedy Capital, Gulf Cryo partner on new air separation unit in Egypt

Elsewedy Capital, Gulf Cryo partner on new air separation unit in Egypt: Elsewedy Capital has set up a JV with Kuwait’s industrial gas manufacturer Gulf Cryo to build a new air separation project in Cairo, according to an emailed statement from deNovo Corporate Advisors, the UAE-based investment bank which advised Gulf Cryo on the transaction. The new unit aims to become a leading market player in Egypt, deNovo said without providing further details on the plan.

DeNovo is currently advising on EGP 3 bn-worth of transactions in the Egyptian market “and continues to be optimistic about the long term prospects of the Egyptian economy,” said Karim Amin, who heads deNovo’s Egypt branch.

Advisors: DeNovo Corporate Advisors advised Gulf Cryo on the transaction, while Matouk Bassiouny & Hennawy covered legal.

CLARIFICATION – 13 October 2020

El Sewedy Capital Holding is not part of El Sewedy Electric, which is listed on the EGX. El Sewedy Capital was established in 2018 and provides portfolio management services.

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