Arab Cotton Ginning of Egypt is “in talks” to acquire companies specializing in weaving, shirt-making, dyeing and bed linen, Chairman Hani Olama said.
“Already we have targets in Egypt and abroad,” Olama told Bloomberg in an interview.
Arab Cotton Ginning, which was privatized in 1996, plans to grow its business in Egypt and abroad to $500 million in turnover over the next three years, according to a presentation it made today to analysts.
The company halted its expansion plans last year because of the global financial crisis, Olama said. “Last year like everybody else we were at a standstill and even people we were talking with preferred to wait,” he said.
Arab Cotton Ginning has stakes in companies that include El Nasr Clothes & Textile, also known as Kabo.