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FINANCIAL NEWS
General Cable purchases BICC Egypt for $22m
22 Sep 2010
(MENAFN) A statement issued by Sphinx Private Equity said that General Cable Corp, a maker of low voltage cables, has purchased the Egyptian cable company (BICC Egypt) for $21.7 million, Reuters reported.
General Cable purchased BICC from Egypt’s Karnak Investment Fund, which is run through Sphinx, and from Mansour and Maghrabi Investment and Development. General Cable is planning to increase BICC Egypt’s sales outside the country.
The statement added that General Cable has the scale and intellectual property to develop and expand this business in its local markets and create a production core for its exports.
Egypt’s cable market is dominated by El Sewedy Cables, which had profits of $1.6 billion. On the other hand, BICC had profits of $27 million in 2009.
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