Modern Nile Cotton Acquisition reaches 72 Million USD
The largest Egyptian cotton export trading company 1.2 Million shares are to be sold to the newly formed Amwal Arab Holding Company with an average price of 60 USD per share.
Egytex News Desk
Egytex
Modern Nile Cotton Company has been the largest exporter of Egyptian cotton fiber in the last 3 years, and during this current season, its exports value has exceeded 52 Millions USD, and it has exceeded 104 Million USD during last season.
The newly formed Amwal Arab Holding Company is a joint venture company established between Amwal El Khaleej investment fund and Arab Cotton, Ginning Company with a 43% shares each with a paid in capital that exceeds 170 Million USD.
The newly formed Holding company will create a vertically integrated textile and apparel group of companies that will take advantage of Egypt’s low cost of labor and energy, as well as the QIZ agreement and the EU partnership agreement.
From the Egytex news archive, first published on 30 May 2006. Figures and names are as reported at the time.
