en.Wedoany.com Reported - French logistics group Africa Global Logistics (AGL) has submitted a non-binding indicative offer to acquire up to 100% of the shares of Egytrans Nosco, a company listed on the Egyptian Exchange (EGX), with a minimum acquisition threshold of 75%. According to a disclosure document filed with the exchange, the tentative acquisition price ranges from EGP 11.25 to EGP 12.25 per share, with the upper limit valuation estimated at approximately EGP 2.76 billion. The plan includes delisting Egytrans Nosco from the EGX, and AGL has committed to retaining key executives for at least four years following the completion of the mandatory tender offer (MTO).
The transaction's progress is subject to several key conditions: AGL must first obtain approval from Egytrans Nosco's shareholders for the acquisition, after which it can apply to the Financial Regulatory Authority (FRA) to initiate the MTO. Additionally, AGL will conduct a comprehensive due diligence of Egytrans Nosco and must secure regulatory approvals from three jurisdictions: Egypt's Competition Authority, the Comesa Competition and Consumer Commission, and Saudi Arabia's General Authority for Competition.
The shareholder structure shows that parties related to Nosco hold 29.8% of the company's shares, the National Investment Bank holds 18.3%, the Leheta family holds 8.7%, and the remaining 43.2% are free-float shares. Since the free-float ratio is below 75%, AGL's minimum acquisition execution threshold cannot be met solely through an offer targeting free-float shares, requiring the participation of at least two concentrated shareholders.
The upper limit of the offer price represents an 18.4% premium over Egytrans Nosco's closing price of EGP 10.35 on the last trading day (Monday) before AGL's intention was made public. AGL stated that it has sufficient liquidity on hand to fund the transaction and is prepared to submit a proof of funds letter as required by the FRA. The company also reserves the option to settle the offer in US dollars or euros, subject to approval from the FRA and the Central Bank of Egypt.
Following this news, Egytrans Nosco's shares closed at EGP 10.70 yesterday, up 3.38%.
Egytrans Nosco is an integrated transport and project logistics operator, formed last year through a reverse merger—the first of its kind on the EGX—combining the already listed Egytrans (holding 70.2% of shares) with Nosco (holding 29.8%). The company's core business is logistics services, with an annual growth rate of approximately 50%. The merged entity currently manages about 72,000 square meters of warehousing capacity, according to CEO Abir Leheta in an interview last December. Egytrans Nosco operates through a series of affiliated companies, including Nosco, Egytrans Logistics Solutions, Egytrans Warehousing Solutions, Egytrans Depot Solutions, Wilhelmsen Port Services, Nafith Egypt, and Egytrans Arabia, some of which were inherited from the merger.
The company entered the Saudi Arabian market in 2023 through a joint venture logistics partnership with Links Investments, and over the past year, it has digitized port logistics through two major truck management concession projects, including a collaboration with Nafith International in Ain Sokhna (valued at over EGP 1 billion) and a previous project in West Port Said (valued at EGP 250 million). These initiatives have enabled it to address bottlenecks in the trucking sector, which accounts for over 90% of Egypt's internal freight volume.
