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Monday, 28 September 2020

Turki Al Shikh, Estadat Holding among bidders for share of Egypt’s Makkasa Sport

M&A WATCH- Turki Al Shikh, state-owned Estadat and an unnamed Gulf buyer are competing for MCDR’s stake in Makkasa Sport: Saudi investor Turki Al Sheikh, Estadat Holding and an unnamed Gulf buyer are all in the running to acquire Misr for Central Clearing, Depository and Registry’s (MCDR) 71% stake in Misr Lel Makkasa SC owner Makkasa Sport, Al Mal reports, citing unnamed sources close to the matter. Al Shikh, the former owner of Pyramids FC, could make an offer in the coming days, according to the sources. State-owned Estadat — which was founded last December and owns a 51% stake in Presentation Sports — is also a contender in the acquisition as it looks to expand its portfolio with the purchase of a sporting club.

Background: MCDR has already rejected a USD 2 mn offer from a Gulf investor, valuing the company instead at more than USD 2.5 mn, the sources said. MCDR abandoned its plans to IPO Makkasa Sport earlier this year in a bid to focus its strategy.

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