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Monday, 18 April 2022

Brmaja’s Egyptian arm makes a play for Saudi subsidiary of Brmaja Group

Saudi tech firm Brmaja moves to consolidate its presence here: Brmaja IT, an Egyptian subsidiary of Saudi Arabian tech firm Brmaja Group, has signed an MoU to acquire one of the group’s KSA subsidiaries, the company told us in a statement (pdf) yesterday. The targeted firm, Brmaja Commercial, has an estimated market value of USD 20 mn.

What they said: The acquisition is part of Brmaja’s plan to increase its investments here by 20% this year “to accommodate the significant growth in the company’s business in the Egyptian market, where it has contracted with many private sector and state-owned firms in various fields,” Brmaja Group CEO Hatem Bakheet said in the statement.

One step closer to bringing Brmaja HQ to Egypt? The company’s Egyptian arm in November announced plans to acquire its Saudi parent company in a reverse merger, paving the way for the tech firm to move its headquarters to Cairo and potentially make its debut on the Egyptian Exchange.

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