H.A Utilities B.V. submitted a nonbinding offer to acquire Egyptian Transport and Commercial Services Company S.A.E. (CASE:ETRS) in a reverse merger transaction on March 10, 2021. The consideration will be an indebtedness owed to Hassan Allam Holding S.A.E. by H.A Utilities B.V. and settled by issuance of additional shares in Egyptian Transport and Commercial Services Company S.A.E. Transaction will be conducted via share swap. Post share swap H.A Utilities B.V. will have 65% stake in Egyptian Transport and Commercial Services Company S.A.E. Transaction is subject to obtaining the necessary approvals, as well as fulfilling the legal and regulatory requirements. As on March 15,2021, Egyptian Transport and Commercial Services Company’s (Egytrans) board of directors decided to pause any binding agreement with H.A. Utilities until a fair value estimation study of the shares of the two companies is conducted. The board also approved carrying out a legal study, in addition to hiring an investment bank to provide technical services concerning the offer. The transaction is conditional on the outcome of the due diligence process and the valuation by the appointed independent financial advisory firm and obtaining the approval of the shareholders of Egytrans at an extraordinary shareholders' meeting. The transaction is also conditional on receipt of the relevant regulatory approvals and other customary closing conditions. Egytrans has appointed Grant Thornton Financial Consulting for Marketable Securities S.A.E as an Independent Financial Advisor and Matouk Bassiouny & Hennawy as legal counsel and will appoint an investment banking company as financial advisors for this transaction. H.A Utilities B.V. cancelled the acquisition of Egyptian Transport and Commercial Services Company S.A.E. (CASE:ETRS) in a reverse merger transaction on October 15, 2021. Utilities Holding BV, owned by Hassan Allam Holding, Egytrans’ board decided not to consider the offer as they have not agreed on a fair price to implement the transaction.