Ekuity Holding acquires 30 pct of Egypt’s AluNile

CAIRO, Ekuity Holding announced acquisition of 30 percent of AluNile Company, Egypt’s leading aluminum fabricator, owned by the Prosperity Fund for small businesses.

In a press statement Sunday, Ekuity’s CEO Adnan Al-Sager said the acquisition is a boost to Kuwaiti investments in Egypt.

He added that this is a step towards developing cooperation with leading companies and funds in Egypt, with great investment opportunities.

AluNile is set to expand in services and products provided to the market in Egypt and the region, giving the company the chance to be enlisted in the ABO stock market, said Al-Sager.

Ekuity, established in 2011, is owned by Kuwait Investment Authority. The company is the authority’s investment pioneer in Egypt.

The company oversees the Authority’s direct investments portfolio in Egypt, dating back to over 60 years. Ekuity manages assets worth about USD two billion.

Source: Kuwait News Agency