News

Partnership with the National Bank of Egypt

On the 28th of December, 2009, Ahly Capital (the investment arm of the National Bank of Egypt, NBE) and ECG Engineering Consultants Group signed a Memorandum of Understanding setting the terms that may lead to NBE acquiring 51% of ECG outstanding stocks.

The move was initiated by Ahly Capital who was looking for a strong engineering partner to support NBE and Ahly Capital in its ambitious investment plans. ECG has welcomed the partnership as the synergy between the two organizations should position ECG amongst the top international design firms of the world.

NBE and Ahly Capital, with investments of 4.5 billion EGP, in addition to its planned investments in infrastructure, real estate, healthcare, transportation, energy, etc, shall support ECG to continue its growth, serving its clients and providing them with top quality professional services, while building the capacity to serve a much larger market segment, both geographically and in terms of fields of activities.

In accordance with the terms of the MOU, ECG's top management shall continue assuming their responsibilities in managing ECG to capitalize on the know-how accumulated since 1969 that led to the success achieved to date, amongst which are Smart Village, Ministry of Communications and Information Technology and Cairo Airport projects. It's worth mentioning that Beltone Financial are acting as ECG's advisors for this transaction.


by DMICreative

Printed from the ECG website

Page: Media > Press Release
URL: http://www.ecgsa.com/partnershipwiththenationalbankofegypt