Freiji, Nasrallah increase stake in Wadi Group
Cairo, July 14, 2011
The Freiji and Nasrallah families, in collaboration with Horus Food and Agribusiness, recently purchased a 10 per cent stake in Wadi Group from Commercial International Investment Company (CIIC).
The deal, worth 250 million Egyptian pounds ($42 million), increases the Wadi Group shares owned by both families and Horus Food and Agribusiness to 94 per cent, up from the previous 84 per cent.
Wadi Group is a leading agri-business company in Egypt.
The signing ceremony was attended by Ramzi Nasrallah, Wadi Group vice president and COO, Ahmed Mohamed Abdalla, CIIC CEO, Hazem Shawki and Mrs Gehan Fathi, Horus Food and Agribusiness managers.
“The main driver for this deal was the medium to long term goals and growth that we are targeting at Wadi Group,” said Musa Freiji, president and chairman of Wadi Group. “The acquisition of the shares from CIIC is a major step for Wadi Group, especially in supporting our future expansions plans for new projects and factories, as well as our overall business plan in Egypt.“
The total number of shares acquired amounted to more than 6 million. The shares of Freiji and Nasrallah families came to a total of more than LE 223 million, while the share of Horus Food and Agribusiness reached more than LE26 million.
Following the acquisition deal, the ownership structure of Wadi Group is as follows: Freiji/Nasrallah families 88.90 per cent, Horus Food and Agribusiness 5.90 per cent and Europro Holdings, run by the Lebanese Company Capital Trust, 5.20 per cent. The issued and paid capital of the group is LE 59,305,300 divided into 59,305,300 shares valued at LE 1 per share. – TradeArabia News service
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