Egypt- Sika completes 99% acquisition of Bitumode with Pharos as sell-side financial advisor

(MENAFN- Daily News Egypt) Pharos Investment Banks has assumed the exclusive financial advisor role to Modern Waterproofing (Bitumode) shareholders in completing Sika Group's 99% acquisition of the company.

Noha El Ghazaly Pharos' Managing Director and Head of Investment Banking, said that all procedures for the deal have been completed despite the recent difficult circumstances due to the coronavirus (COVID-19) pandemic. She noted that the deal confirms the confidence of foreign investors in the feasibility of investing in Egypt.

"We are optimistic about the performance of the Egyptian economy and its ability to recover quickly and strongly during the coming period, as it witnesses a clear stability and a healthy climate for investment,' Al-Ghazali said, 'This is especially in light of the government's efforts during the crisis and economic reform decisions in the recent period."

The 99% acquisition was carried out through a mandatory purchase offer from Sika Egypt. The Switzerland-based Sika Group is one of the world's largest specialised chemical companies. It currently boasts branches in 100 countries, and manufactures its products in over 300 factories around the world.

Pharos Securities Promotion and Coverage has executed several outstanding deals in a variety of pivotal sectors, including the chemicals and fertilisers sector, consumer finance, education, and communications.

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