ODI, a subsidiary of Al Arjani Group, signed a memorandum of understanding with Al Wahda Industrial Development Company, a subsidiary of El Garhy Group. ODI will acquire 26.25% of Misr National Steel (Ataka) after completing due diligence and obtaining approval from regulatory authorities and the Egyptian Competition Authority.

Misr National Steel (Ataqa) was valued at EGP 7.24 billion, and it was agreed that Al Arjani Group would acquire 26.25% of Ataka, a subsidiary of Al Garhy Group, for EGP 1.9 billion.

This offer aligns with Al Arjani Group’s strategy to expand its activities in cooperation with leading industrial entities such as Al Garhy Group. The two parties are studying several opportunities for cooperation in the chemical and building materials sectors, in line with the state’s efforts to localize Egyptian industry.

Issam El Arjani, CEO of El Arjani Group, stated that they aim to complete all legal procedures and due diligence as soon as possible. The group operates according to an ambitious strategic vision aimed at achieving comprehensive and sustainable development by supporting local industries and diversifying the Egyptian economy, contributing to consolidating Egypt’s position on the global industrial map. El Arjani Group continues to implement its expansion strategy across several sectors, in line with Egypt’s Vision 2030, which aims to promote sustainable economic development.

Mohamed El Garhy, Vice Chairman and Managing Director of El Garhy Group, said that the partnership with El Arjani Group will contribute to expanding the industrial activities of both groups and boosting local production. He considered this partnership an important step towards achieving industrial integration and enhancing production capabilities.