Kuwaiti’s Ekuity acquires 30% stake in AluNile

Kuwaiti investment holding company (Ekuity) has acquired a 30 percent stake in Egypt’s Nile Aluminum and Metals Company (AluNile), from the Ezdehar Egypt Mid-Cap Fund.

“Ekuity is on the continuous lookout for quality investment opportunities in the Egyptian market, and that the decision to invest in AluNile came after a thorough due diligence as well as several rounds of negotiations by Ekuity’s acquisition team,” said Ekuity CEO Adnan Al Sager.

“Ekuity is on the continuous lookout for quality investment opportunities in the Egyptian market, and that the decision to invest in AluNile came after a thorough due diligence as well as several rounds of negotiations by Ekuity’s acquisition team,” said Ekuity CEO Adnan Al Sager.

Ekuity was advised by Al Tamimi & Co, Loyens & Loeff, and PwC, while Ezdehar Management was advised by Van Campen Liem.

Ekuity, which is owned by the Kuwait Investment Authority, has indicated it plans to invest USD 100 mn in Egypt in the coming three years. Its targets are quality, high-growth businesses and it is open to investing in partnership with institutional and strategic investors, Al Sager said. The Ezdehar Egypt Mid-Cap Fund is the first fund of private equity outfit Ezdehar Management, which invests in high-growth businesses in Egypt.