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Sunday, 19 July 2020

MCDR to offload stake in Makasa Sport in bid to focus strategy

M&A WATCH- MCDR to offload stake in Makasa Sport, apparently dropping IPO plans: Misr for Central Clearing, Depository and Registry (MCDR) has reportedly received offers from Emirati and Saudi businessmen and an unnamed Egyptian institution to purchase most or all of its 71% stake in Makasa Sport, according to Al Mal, which quotes sources it says have knowledge of the matter. The sources expect the talks, which could wrap up before the end of 3Q2020, to see the buyers acquire nearly 51% in the company, which owns Egyptian Premier League side Misr Lel Makasa Sporting Club. This scenario would mean MCDR would retain minority ownership. The acquisition comes as MCDR aims to focus on its core clearing business. It appears MCDR is moving towards a sale and away from a potential initial public offering for its subsidiary.

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