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Thursday, 14 January 2021

Also on our radar on 14 January 2021

Hassan Allam Properties has upped its stake in real estate developer Sodic to 5% from 4.91%, according to a regulatory filing (pdf). The company purchased 310k shares at EGP 15.5 per share, totalling EGP 4.8 mn. This brings the stake collectively held by Hassan Allam Properties and its CEO, Act Financial, Concrete Plus Engineering and Construction and group affiliated Tarek Mohamed Mahmoud Youssef to 14.91%. The group is now Sodic’s largest stakeholder, followed by Saudi Arabia’s Olayan Investment, which holds 13.84%. The group has been increasing its holdings in Sodic, since July.

MEANWHILE- State-owned public transport company Mowasalat Misr will invest EGP 2 bn in expansion plans over the coming two years beginning in 2Q2021, while Mubasher has launched a EGP 360 mn electronic asset management platform, Du. Meanwhile, United Oil and Gas’ operations at the Abu Sennan concession are performing “strongly” and outperformed production forecasts during the second half of 2020, the company said yesterday.

ALSO: Mubarak-era Information Minister Safwat El Sherif died yesterday of leukemia, his son Ihab confirmed to Youm7.

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