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Monday, 15 March 2021

Also on our radar on 15 March 2021

Odin investments will split into two companies through a horizontal demerger, with one operating in the non-banking financial services sector and the other in real estate, according to an EGX disclosure (pdf). The split will allow the companies to appeal to more specialized investors, to manage resources more flexibly, and to improve each company’s financial standing, according to the statement.

Other things we’re keeping an eye on this morning:

  • A EGP 2 bn overdraft for the state’s FY2020-2021 budget earned the green light from the House of Representatives to help finance measures to prop up the economy and certain sectors amid the fallout from the pandemic.
  • Some 3k factories in Cairo and Alexandria will make the switch to natgas from diesel and mazut within five years, in a move that is meant to cut operating costs and bring down the price of product prices. It should also be a bit better for the environment.
  • Greek industrial investor Mac Optic will manage and operate a television channel dubbed HBC that is set to launch in 2H2021, through its Egypt-focused arm Mac Holding established last year.
  • A Cairo court will begin on 30 March the trial of the man accused of the attempted [redacted] assault of a young girl in Maadi. The prosecutor-general last week ordered the man to face trial on charges of assaulting a minor.

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