ECA Gives Nod to Emaar Misr for Albro North Coast Acquisition
Deal News | Dec 03, 2024 | Zawya
The Egyptian Competition Authority (ECA) has approved Emaar Misr Development Company's acquisition of a 74.9999997% stake in Albro North Coast for Development. This development follows an extraordinary general meeting (EGM) held in July by Emaar Misr, where the company's board proposed a full acquisition of Albro North Coast through a share swap. This strategic acquisition enables Emaar Misr to expand its foothold in the North Coast development sector. The approval signifies a significant step forward in Emaar Misr's growth strategy, bolstering its market presence in Egypt's real estate sector and aligning with broader regional development objectives.
Sectors
- Real Estate Development
- Construction & Development
Geography
- Egypt – The companies and authority involved in the acquisition are operating within Egypt, indicating the geographical focus of the article.
Industry
- Real Estate Development – The article discusses Emaar Misr's acquisition of a development company, indicating its involvement in the property and real estate sector.
- Construction & Development – The acquisition involves a company in the development industry, suggesting impacts on construction and real estate development activities.
Financials
- 74.9999997% – The percentage stake in Albro North Coast being acquired by Emaar Misr.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Emaar Misr Development Company | Acquiring Company | Company | Emaar Misr is the acquiring entity expanding its real estate development portfolio. |
| Albro North Coast for Development | Target Company | Company | Albro North Coast is the company being acquired by Emaar Misr. |
| Egyptian Competition Authority (ECA) | Regulatory Authority | Government | The ECA is the regulatory body approving the acquisition deal. |