Arab Finance: Egyptian Transport and Commercial Services Company (EGYtrans) is expected to wrap up the final procedures of acquiring 99% stake in the National Transport and Overseas Services Company (NOSCO) in early 2024, the firm’s CEO Abir Leheta told CNBC Arabia.

In August, EGYtrans announced that the acquisition deal of NOSCO was set to be finalized in the fourth quarter (Q4) of 2023.

The acquisition is set to be implemented via share swap, after which the capital of the combined company, EGYtrans NOSCO, will be EGP 224.6 million.

This could allow EGYtrans to expand its fleet and operational potentials as well as access new markets, Leheta said.

Moreover, she pointed out that the company would focus on building wind farms in the Saudi market for a start amid the kingdom’s efforts to increase the share of renewable energy to 50% by 2030.

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