Cairo - Mubasher: Al Ahly Pharos Investment Banking has advised on the share purchase agreement (SPA) for the sale of 99.25% of International Cables Company (ICC) to Elsewedy Electric Co. for EGP 410 million. 

Al Ahly Pharos served as the exclusive sell-side advisor to the selling shareholders of ICC, Cables Technology Invest Holding Company (CTIHC), according to a recent statement. 

"This deal highlights the attractiveness of the Egyptian cables sector and manifests the confidence of Egyptian investors to move forward with their investment plans after a difficult couple of years resulting from the coronavirus pandemic,” said Mohsen Abou El Nour, Executive Director of Al Ahly Pharos Investment Banking. 

In the first quarter (Q1) of 2021, Elsewedy Electric Co. reported consolidated net profits of EGP 769.49 million, up from EGP 463.69 million in the year-ago period, including minority shareholders' rights.