Turkish industrial giant eyes Egypt’s auto sector
M&A Watch: The Financial Regulatory Authority is examining a voluntary tender offer by Vodacom to acquire 0.05% of Vodafone Egypt for EUR 17.92 a share, it said in a statement (pdf) yesterday. The transaction would see the South African subsidiary acquire 124,600 shares in Vodafone Egypt for almost EUR 2.5 mn.
Vodacom is in the process of acquiring Vodafone’s majority stake in its Egypt unit: Earlier this year Vodafone Plc shareholders approved plans to sell its 55% stake in Vodafone Egypt to the South African company. Vodacom was said in late spring to be in the process of raising money to fund the transaction, which is yet to be approved by Egyptian regulators.
This Turkish company wants to invest in Egypt’s auto sector: Turkey’s largest industrial group, Koç Holding, is considering investing in Egypt’s automotive sector, the CEO of its subsidiary company, Arçelik, told Trade and Industry Minister Ahmed Samir during a meeting at COP27, the ministry said in a statement. The company is interested in producing vehicles in Egypt and manufacturing electric-vehicle chargers, Hakan Bulgurlu told the minister.
Arçelik is already investing more in Egypt: Arçelik is the parent of retailer Beko, which has spent USD 100 mn to build a new factory in Tenth of Ramadan City that will produce household appliances.
Other things we’re keeping an eye on this morning:
- South Korea’s Doosan Enerbility was awarded a USD 1.2 bn contract from Korea Hydro and Nuclear Power (KHNP) to build a turbine island at the Dabaa nuclear plant. (Company statement)
- The Communications Ministry signed an agreement with Honeywell Egypt to install smart technology in government buildings. (Cabinet statement)
- Fawry subsidiary Fawry Microfinance has launched Tamweelak Fawry, an app for MSMEs to apply for loans. (Company statement, pdf)