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[2008-01-14] Egypt's Arabia Cotton says to acquire 4 companies
An affiliate of Egypt's Arabia Cotton Ginning ACGC.CA plans to buy four cotton companies for a total of $75 million after it completes due-diligence later in January, it said in a statement to the stock exchange on Sunday.
The statement said the companies are Egyptian firms Setecore Spinning, Setecore Industrial Investment and Nasco for Trading Cottons in addition to United Cottons of the United Arab Emirates.
Arabia Cotton Ginning said Amwal Al Arabia Cottons, which it took over in October in a share swap, would acquire the four companies upon successful completion of due-diligence by Jan. 23.
Arabia Cotton Ginning's net profit declined 42 percent to 5.3 million Egyptian pounds ($970,696) in the three months to Sept. 30, 2007. It made a net profit of 9.2 million pounds in the same period of the previous year.
Shares in Arabia Cotton Ginning, Egypt's biggest listed textile firm by market value, were last traded 7 percent higher at 9.60 pounds before the results were announced.
