Egyptian sportswear manufacturer Magma has announced its acquisition by Averroes Ventures.
Magma offers a distinct value proposition as a local manufacturer with global potential by leveraging its unique technology, which serves as the foundation of all of its products. The new strategic investment, led by Averroes’ chairman, Mohamed El Sewedy, is expected to significantly improve the company’s product quality and presence in the local and regional markets. The acquisition will help Magma meet the needs of a previously untapped segment of the Egyptian market.
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Egyptian sportswear manufacturer Magma has announced its acquisition by Averroes Ventures.
Magma offers a distinct value proposition as a local manufacturer with global potential by leveraging its unique technology, which serves as the foundation of all of its products. The new strategic investment, led by Averroes’ chairman, Mohamed El Sewedy, is expected to significantly improve the company’s product quality and presence in the local and regional markets. The acquisition will help Magma meet the needs of a previously untapped segment of the Egyptian market.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
