Egypt’s MEDAF Investments Buys Majority Stake In Al-Thoraya Oil Refining Company
Egypt’s Mediterranean and Africa (MEDAF) Investments Holding SAE, has taken up a 26 percent stake in the Al-Thoraya Oil Refining Company. The deal which makes MEDAF the largest partner in the company, is one of the many transactions with which the investment firm plans to achieve its target for promising investment opportunities in various sectors.
MEDAF Chairman Adnan Al-Salem said in a statement that the targeted acquisitions in the future would span the financial, industrial, mining and real estate sectors. According to him, the company’s decision to invest in Egypt this time came on the heels of the North African country’s government’s introduction of investment incentives.
While the Al-Thoraya deal is being closed, MEDAF has its eyes set on other acquisitions. Investment opportunities in Europe, Africa and Arab countries are in view, as the investment company plans to take a firm stand on the global stage. It is also ready to pump money into projects that rely heavily on financial technology.
Al-Thoraya Oil Refining owns a refinery where it recycles used oil projects. The company adopts an advanced technology that uses high efficiency and production quality. All of this satisfies the specifications of oils in line with global standards.
Yasser Agiba, a member of MEDAF’s board of directors, informed that the acquisition come in the light of Egypt’s continuous economic reform programs and fair investment climate. Per a report, the total value of the deal exceeds the LE 30 Mn (USD 1,820,940) mark, and it will be implemented in different phases.
MEDAF was founded in 1958 and has a reported worth of more than USD 150 Mn. Kuwaiti Holding Company Al-Raya Mutameyeza has a 26 percent stake in the Egyptian firm, an investment which it made to as part of completion for its 2018 operations.
MEDAF focuses on the oil and gas sector, infrastructure development, food, insurance, real estate, hotels and religious tourism in the Gulf.