Cairo – Mubasher: The Egyptian Transport and Commercial Services Co (Egytrans) said that the independent financial advisor has estimated the fair value (FV) of Egytrans and H.A. Utilities BV at EGP 414.002 million and EGP 721.5 million, respectively.

A board meeting will be held tonight to review the valuation report and decide on the purchase of H.A. Utilities BV, the company said in a bourse disclosure on Wednesday.

The valuation report will be referred to the Financial Regulatory Authority (FRA) for approval.

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.

Egytrans said that it 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 FV estimation study of the shares of the two companies is conducted.

H.A. Utilities Holding BV estimated the stock of Egytrans at a FV of EGP 12-13 per share for a total market cap of EGP 375 million to EGP 405 million, while the Dutch company’s FV has been estimated at EGP 680 million to EGP 800 million, based on a relative value of 1.63 times to 1.9 times in favour of the Dutch company.