Al Organi Group subsidiary snaps up 26% of Ataqa for EGP 1.9 bn

Al Organi Group’s ODI has acquired a 26.25% stake in Misr National Steel (Ataqa) in a EGP 1.9 bn transaction. The acquisition, subject to regulatory approvals and due diligence, values Ataqa at EGP 7.2 bn.

The rationale:

The rationale: The acquisition comes as part of Al Organi Group’s efforts to expand its scope of activities through partnerships with industrial players like Ataqa parent company El Garhy Group. The two companies are also looking into potential cooperation in the fields of chemical industries and building materials as part of the state’s efforts to localize industry.

REMEMBER- Al Organi Group has been expanding its investment portfolio as of late, most recently acquiring a 50% stake in Rolling Plus Chemical Industries to restart its EUR 1 bn tire factory in the SCZone alongside Concrete Plus. The group is also setting up construction and infrastructure projects in Egypt and abroad, under a USD 5 bn strategic agreement inked with China’s CSCEC.