Cairo - Mubasher: EFG Hermes Corp-Solutions, a subsidiary of EFG Hermes Holding, has inked a $25 million deal with Transmar, a wholly-owned subsidiary of IACC Holdings, to finance the purchase of a cargo vessel.
With a carrying capacity of 2100 twenty-foot equivalent units (TEU), Transmar Legacy vessel will promote the company’s Red Sea service, mainly connecting Egypt and Saudi Arabia, according to a press release on Monday.
The new cargo will be purchased at a total value of $33 million.
The CEO of EFG Hermes Corp-Solutions, Talal Elayat, said: "As one of the leading leasing and factoring companies in Egypt, this transaction marks another milestone for EFG Hermes Corp-Solutions, as we enter the maritime industry and support in enhancing the supply chain industry at large."
The Managing Director of Transmar, Ahmed El Ahwal, commented: "We believe this expansion will help support Egypt, Saudi Arabia, and the UAE’s ambitious export growth targets and secure the supply chain powering the region’s top businesses and industries."
