Commercial Bank of Dubai assigns Levari as its Legal Adviser in Spinneys Egypt Acquisition Deal
Commercial Bank of Dubai assigns Levari as its Legal Adviser in Spinneys Egypt Acquisition deal to acquire the majority share in Spinneys Egypt to Investec Company for Asset Management.
Mohamed Raslan – Partner at Levari- stated that the Commercial Bank of Dubai is one of the most important clients to Levari Dubai office. He further added that Levari role in the deal was mainly providing legal advice on contracts and communicating with investors consultants to complete the transaction and to reach a fruitful agreement for all parties.
Commercial Bank of Dubai transfers the Sale Revenue to his favor
Mohamed Raslan also clarified that such acquisition was made to enable Commercial Bank of Dubai to transfer the sale revenue to his favor in order to settle a part of the debt owed by Abraaj Capital Company, based in Dubai.
Noting that, Spinneys Egypt ownership was transferred to Commercial Bank of Dubai after the bankruptcy of Abraaj Capital, within the settlement process between the creditors\’ group, after the acquisition of Spinneys-Egypt by Investec Company.
The transaction helped in stimulating New Investments
He further emphasized that this deal, and any of its counterparts, benefit the Egyptian economy as a whole and help the stimulating of new investments and increasing the financial viability of the market so that companies can expand and implement its investment plans.
The Egyptian Market is a promising market for Local and Foreign Investments
Raslan praised the Egyptian market, which he sees as promising to both local and foreign investors
Levari is one of the major law firms
Levari is confident among its clients due to its local and international expertise, which enables it to provide legal advice and services to multinational investors who find it more secure for their projects in case of global expansion. Levari also has the needed expertise in closing cross-border transactions.
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