Cairo – Mubasher: The board of directors of Sidi Kerir Petrochemicals (Sidpec) approved hiring NI Capital to study the proposed acquisition of the Egyptian Ethylene and Derivatives Company’s (ETHYDCO) total shares by Sidpec.
NI Capital will provide consulting services and technical knowledge to Sidpec and assist it with the required procedures through a share swap mechanism after evaluating the two firms, according to a bourse statement on Wednesday.
During the first half (H1) of 2022, Sidpec recorded a 65.37% yearly leap in its net profit after tax at EGP 468 million, compared with EGP 283 million.
Moreover, revenues amounted to EGP 3.87 billion in the first six months (6M) of 2022, an annual surge of 45.28% from EGP 2.67 billion.
