Cairo – Mubasher: The Egyptian Transport and Commercial Services Co (Egytrans) will not sign any binding agreement with H.A. Utilities Holding BV, the owner of the infrastructure and renewable energy firm H.A. Utilities BV, until a fair value (FV) estimation study of the shares of the two companies is conducted.

 An independent financial advisor, certified by the Egyptian Financial Regulatory Authority (FRA), will be asked to conduct the FV study before Egytrans can decide on the share-swap acquisition offer submitted by the Dutch firm, the company said in a bourse disclosure on Monday.

In addition, the board of directors also decided to carry out a legal study on the Dutch company and hire an investment bank to provide technical services concerning the offer submitted by H.A. Utilities Holding, owned by Hassan Allam Holding and Tanmiya Energy.

The board approved the appointment of Matouk Bassiouny & Hennawy Law firm to advise on the offer and provide all legal, contracting, and procedural consulting services in this regard.

Earlier, H.A. Utilities Holding BV offered Egytrans 100% of H.A. Utilities BV in consideration of an indebtedness owed to the seller and settled through the issuance of additional shares in Egytrans.

Over the course of 2020, the net profits of Egytrans plummeted by 59% year-on-year (YoY) to EGP 13.06 million, compared to EGP 31.82 million a year earlier.