EGYPT – Ekuity Holding – the investment arm of Kuwait Investment Authority in Egypt – has announced its acquisition of a 30% stake in the Nile Aluminum and Metals Company (AluNile), from the Ezdehar Egypt Mid-Cap Fund (Ezdehar).
Ekuity CEO Adnan Al Sager explained that Ekuity’s investment in AluNile represents an important milestone in the resurgence of Kuwaiti investments in Egypt, partnering with institutional, financial, and strategic investors, to invest in leading companies with high-growth prospects.
Al Sager added that AluNile’s prospects of growth and expansion in both its product and service portfolios, as well as geographical coverage, presents an opportunity to scale the company and publicly list it in future.
Ekuity CEO further added that his company is on a continuous lookout for quality investment opportunities in the Egyptian market.
Ezdehar’s Managing Director Emad Barsoum welcomed Ekuity’s investment noting that it strengthens the shareholder base of AluNile, enhancing the company’s capabilities even as it plans undertake major projects in the near future.
He also expressed his delight at the return of the Kuwaiti Sovereign Fund’s investments in Egypt, which according to him, reflects confidence in the rise of the Egyptian economy and the desire to strengthen ties between the two countries.
AluNile Managing Director Ahmed El Guindy expressed his delight to have new partners in AluNile’s growth journey, noting that this reflected investor’s confidence in the company’s achievements over the past couple of years and conviction in its continued success.
El Guindy added that the partnership between Ekuity, Ezdehar, and AluNile’s management team will strengthen the company’s expansion inside and outside of Egypt.”
Al Tamimi & Co., Loyens & Loeff, and PwC acted as advisors for Ekuity in the acquisition, while Ezdehar Management was advised by Van Campen Liem.