Mashareq Acquires 10.02% Stake in Electro Cable Egypt
Deal News | Dec 30, 2024 | Zawya
Mashareq Real Estate Developments has acquired a 10.02% equity stake in Electro Cable Egypt, an Egyptian company listed on the Egyptian Exchange (EGX). The acquisition involved the purchase of 332 million shares at an average price of EGP 2.70 per share, amounting to a total transaction value of EGP 896.40 million. Concurrently, Wadi Consulting Company significantly reduced its shareholding in Electro Cable Egypt from 10.70% to a mere 0.70%. Pioneers Securities brokered the transaction, which was finalized on December 26, 2024, as reported in a bourse disclosure on December 29. The deal underscores Mashareq's strategic interest in the Egyptian cable market.
Sectors
- Real Estate
- Cable Manufacturing
- Investment and Stock Brokerage
Geography
- Egypt – The companies involved in the transaction, Mashareq Real Estate Developments and Electro Cable Egypt, are both based in Egypt.
Industry
- Real Estate – Mashareq Real Estate Developments, a participant in the article, is a company operating within the real estate industry.
- Cable Manufacturing – Electro Cable Egypt, the target company in the transaction, operates within the cable manufacturing industry.
- Investment and Stock Brokerage – Pioneers Securities, the broker for the transaction, is a company operating within the investment and stock brokerage industry.
Financials
- EGP 896.40 million – Total value of the shares acquired by Mashareq in Electro Cable Egypt.
- EGP 2.70 – Average share price at which Mashareq acquired the shares of Electro Cable Egypt.
- 332 million shares – Total number of shares acquired by Mashareq in Electro Cable Egypt.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Mashareq Real Estate Developments | Bidding Company | Company | Mashareq is a real estate development company that acquired a 10.02% stake in Electro Cable Egypt. |
| Electro Cable Egypt | Target Company | Company | An EGX-listed company in the cable manufacturing industry targeted by Mashareq for the equity stake acquisition. |
| Wadi Consulting Company | Selling Company | Company | The company that sold a large portion of its stake in Electro Cable Egypt to Mashareq. |
| Pioneers Securities | Broker | Company | Provided brokerage services for the transactions between Mashareq and Wadi Consulting in Electro Cable Egypt shares. |