Arab Finance: Company announced MB EngineeringLeading a consortium that aims to acquire 51% of Maven Electrical Cables Company, according to what was stated. statement The company sent to the Egyptian Stock Exchange.
The company said that under this agreement, MB Engineering will acquire 50% of the stake, while the alliance will complete the remaining stake.
MB Engineering will assume the management of Maven, in addition to controlling the financial and operating policies of the company, in accordance with what was structured in the formation of the Maven Board of Directors and approved in the concluded shareholders agreement, so that Maven will become a subsidiary of the MB Engineering group of companies.
Maven Electrical Cables Company was established in 2020 as part of Al-Tabarak Group for Construction and Engineering Works, and has a production capacity of 3,500 tons annually.
The statement stated that this investment contribution came after completing all necessary studies, with Synergy Capital acting as the exclusive financial advisor for the process, and the fair value of Maven Electric Cables Company was evaluated by Eagle Capital as an independent financial advisor, and these evaluations resulted in a fair value of 146. One million Egyptian pounds, while the acquisition was made for an amount of 105 million Egyptian pounds.
MB Engineering expected that MB Engineering's sales, after acquiring Maven, would exceed one billion pounds during the year 2025.
An agreement was also reached between MB Engineering and the rest of the consortium members to pump an amount of 102 million Egyptian pounds to finance the working capital necessary to operate Maven Electrical Cables Company.
The necessary financing for the investment operation of MB Engineering Company is scheduled to be secured through a combination of self-financing and bank financing, at the end of this year.
The company stated that, after the increase, the total value of investments for Maven Cables reaches 297 million Egyptian pounds.
It was established in 1981 and is an agent for the German company Hager for more than 34 years, in addition to Samoa and Hyundai of Korea. It distributes low-voltage electrical equipment, including electrical protection, automation and control devices, and electrical distribution, in addition to plastic wiring accessories. Through its subsidiaries, it manufactures switchgear devices.
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