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Monday, 12 October 2020

Six investors vie for ownership of Egypt’s Makkasa Sport

M&A WATCH- Six buyers are reportedly bidding for a stake in Makkasa Sport, the owner of Misr Lel Makkasa Sporting Club, the local press reports. Makkasa Sport Chairman Amr Mostafa Kamel, whose resignation last week is still under consideration, has made an offer through his company I Friends Sport to buy 100% of the company for EGP 100 mn and take on its EGP 80 mn in debt. Other bidders reportedly include an unnamed Emirati-British company and an unnamed Kuwaiti investor, each of which are believed to be making bids in the EGP 50 mn range. At least two other Egyptian groups are also said to be in the running, the report claims.

Sale within a month? Misr for Central Clearing, Depository and Registry (MCDR), which owns 71% of the company, could make a decision on the sale within a month

Background: We had previously reported that both Turki Al Shikh (the Saudi investor and former owner of Egyptian club Pyramids FC) state-owned Estadat were also in the running to acquire part or all of MCDR’s stake in Makkasa Sport. MCDR subsidiary the International Project Management Company owns 14% of Makkasa Sport, while real estate developer Cairo Capital, Al Ahli for Development and Investment and a number of individual shareholders own the remaining 15%. MCDR abandoned its plans to IPO Makkasa Sport earlier this year in a bid to focus its strategy.

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