November 26, 2019 / 6:09 AM / 14 days ago

BRIEF-Georg Fischer To Enter Gas And Water Distribution Market In Egypt

Nov 26 (Reuters) - GEORG FISCHER AG:

* GEORG FISCHER AG: GF PLANS TO ENTER FAST GROWING GAS AND WATER DISTRIBUTION MARKET IN EGYPT

* GF PIPING SYSTEMS, A DIVISION OF GF, TODAY ANNOUNCES A NEW PLANNED JOINT VENTURE WITH CORYS INVESTMENTS LLC, LOCATED IN DUBAI (UNITED ARAB EMIRATES), AND EGYPT GAS, CAIRO (EGYPT)

* JV WILL INVEST IN A NEW PRODUCTION SITE FOR PLASTIC PIPES TO PARTICIPATE IN SOARING EGYPTIAN GAS AND WATER DISTRIBUTION MARKET

* TOGETHER WITH CORYS, GF WILL HOLD EQUALLY A COMBINED STAKE OF 75% IN NEW JOINT VENTURE WHILST EGYPT GAS WILL HOLD 25%

* INITIAL GF INVESTMENT WILL AMOUNT TO APPROX. CHF 7.5 MILLION IN TOTAL

* SIGNING OF TRANSACTION HAS BEEN ANNOUNCED FOR TODAY, 26 NOVEMBER 2019, CLOSING IS ANTICIPATED FOR Q1 OF 2020 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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