Back to the complete issue
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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.