Two more joint ventures in Africa
In Africa, new joint ventures in Egypt and Ethiopia have been concluded involving a major European player. In Egypt, IBA Freight Services, headquartered in Cairo close to the city’s international airport, has sold a majority stake to Ceva Logistics, its partner company for the past 20 years.
Ceva Logistics, an affiliate of CMA CGM, has also acquired a minority part of the shares of Maccfa, a long-standing freight forwarder headquartered in Addis Ababa in Ethiopia.
These new enterprises follow the French group's acquisition of a majority stake in AMI Worldwide in the summer of 2020, which added another twelve countries to the company’s African network.
Maccfa has been established in Ethiopia for some 25 years and operates from six offices and customs locations across the country. (sh)