Back to the complete issue
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.

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 HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; 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; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.