Al Ahly Pharos investment banking has announced it has signed a Share Purchase Agreement (SPA) to sell 99.25% of its share capital in the International Cables Company (ICC) to Elsewedy Electric for EGP 410m. Al Ahly Pharos acted as the exclusive sell-side advisor to the ICC's selling shareholders, Cables Technology Invest Holding Company (CTIHC) ICC is an Egyptian power and telecom cable manufacturer established in 1989 in the 10th of Ramadan City Industrial Zone A2. The company has achieved a robust financial performance and growth over the past few years, positioning it as an attractive investment opportunity for strategic investors. "I am delighted to announce the signing of the sale and purchase agreement of ICC to El Sewedy Electric Group," said Ahmed Heider, CEO of Al Ahly Pharos, "We are delighted to see local investors moving forward with their investment plans, which reflects confidence in the Egyptian economy." Heider also pointed to the active role that Al Ahly Pharos plays in providing unique investment opportunities. Mohsen Abou El Nour, Executive Director of Al Ahly Pharos Investment Banking, said, "The ICC is a unique company that has grown steadily over the past years, capitalising on the experience of a solid management team." He said that the deal highlights the attractiveness of the Egyptian cables sector. It also illustrates the confidence of Egyptian investors to move forward with their investment plans after a difficult couple of years resulting from the novel coronavirus (COVID-19) pandemic. The Al Kamel Law Firm was the sell-side legal advisor, whilst ALC Alieldean Weshahi & Partners was the buy-side legal advisor.
