Arafa Group acquires the British SRG for Garments

The amount of the indenture will be announcement by the end of March 2008.

Arafa Group for investments has signed an agreement to takeover 100% of the British SRG stocks that deals with buying Menswear; while that would be the second takeover for them over a European Corporation in the field of distribution and selling garments.

“SRG manages about 71 branches; 40 branches are in major areas in The United Kingdom, while the other 31 are in central malls.” Said the CEO Dr. Alaa Arafa.

He also pointed at the annual sales of the company which reached 63 Million Sterling. More over, he said that the company has done a complete scan for SRG during last February and this process will be continued through Simmons and Simmons legal consultancy and PricewaterhouseCoopers.

He added that there will be an announcement on the final amount of the indenture on March 31’st 2008.

In addition to the attainment that the firm did last year on taking over the Swedish Melika Corporations which has 7 branches in different European countries; Dr. Arafa added that SRG Group will become a shield in the partial sales field in Europe assuring that Melika Corporation which belongs to Arafa Group took over John Langford, and will also takeover the license of Pierre Cardin; the assessment of this agreement will be accomplished next July.

It’s expected that the sales of Arafa Holding would be risen up to 50 %. In another direction the price of the stock in Arafa Consultant and Investment through the last session which was on 12-March-2008, was up to 4.9 % to register 1.5 USD upon closing time. At last the result was that the stock became to 1.6 USD which was the biggest change since it was listed in the stock-market. It was exchanged by a rate of 5.4 Million and the stock was valued with 43.75 Million Egyptian Pounds.

Source: Business Monthly