Investment bank Al Ahly Pharos has announced that it has signed a share purchase agreement (SPA) to sell 99.25% of its share capital in the International Cables Company (ICC) to Elsewedy Electric for 410 million euros. EGP.
Al Ahly Pharos acted as the exclusive seller-side advisor to the selling shareholders of ICC, Cables Technology Invest Holding Company (CTIHC)
ICC is an Egyptian manufacturer of electrical and telecommunications cables established in 1989 in the A2 industrial zone of the city of Ramadan.
The company has achieved strong financial performance and growth over the past few years, positioning it as an attractive investment opportunity for strategic investors.
“I am delighted to announce the signing of the ICC Sale and Purchase Agreement to El Sewedy Electric Group,” said Ahmed Heider, CEO of Al Ahly Pharos, “We are delighted to see local investors move forward with their investment plans, reflecting confidence in the Egyptian economy.
Heider also highlighted the active role played by Al Ahly Pharos in providing unique investment opportunities.
Mohsen Abou El Nour, Executive Director of Al Ahly Pharos Investment Banking, said: “ICC is a unique company that has grown steadily over the past few years, capitalizing on the experience of a strong team of direction.
He said the deal highlights the attractiveness of the Egyptian cable industry. It also illustrates the confidence of Egyptian investors to move forward with their investment plans after a few difficult years resulting from the novel coronavirus (COVID-19) pandemic.
Al Kamel Law Firm was the seller’s side legal advisor, while ALC Alieldean Weshahi & Partners was the buyer’s side legal counsel.