BEIRUT — Lebanon’s Emerging Investment Partners (EIP) recently announced that it has acquired “General Cable Egypt”, a subsidiary of General Cable USA. General Cable’s divestment is part of its global plan to exit Asian and African markets as well as some European markets. The agreement was closed for an undisclosed sum.
EIP Managing Director Wassim Heneine stated that, “General Cable Egypt is one of the leading cable producers in Egypt, specializ[ing] in low voltage cables with a solid share of the Egyptian market and a significant export potential. EIP looks to continue the cooperation with General Cable USA and benefit from technical support whenever needed.” He predicted that the cable production sector in Egypt and, more generally, the building materials sector, will witness a major momentum thanks to the boom in construction, infrastructure, and many ongoing mega projects in the country.
Headquartered in Cairo, General Cable Egypt was established in 1996 under the name of BICC Egypt as a joint venture between BICC UK and Egyptian investors. In September 2010, General Cable acquired BICC Egypt. At that time its annual sales were $30 million.
Heneine, who also serves on the board of the Egyptian-Lebanese Company for Trade and Investment in Africa, said that “EIP’s investment in General Cable is in line with the initiative adopted by the Egyptian government, represented by the Ministry of Trade and Industry. This initiative is based on stronger cooperation with the Lebanese businessmen in Africa and aims to promote Egyptian exports to the continent. There will be several new industrial investments in Egypt and partial channeling of production to African countries in cooperation with Lebanese businessmen and investors with a view to benefiting from the strong and active Lebanese presence in Africa.”
Tagged with General Cable, tED