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Thursday, 18 March 2021

Sovereign fund eyeing a piece of Atyab? Plus: The latest on the Mogamma.

Sovereign fund looking to get in on ADQ’s acquisition of Atyab? The Sovereign Fund of Egypt (SFE) is reportedly mulling investing alongside Abu Dhabi sovereign wealth fund ADQ in the latter’s bid to acquire a majority stake in frozen meats and poultry company Atyab, according to a report in Al Mal’s print edition, which cites unnamed sources with knowledge of the transaction.

Where do things stand? Last we heard, ADQ’s food subsidiary Agthia was expected to wrap up its due diligence on Atyab this month, with an eye to close the acquisition of at least 75% of the Egyptian meat and poultry company no later than the end of the first half of 2021. EFG Hermes has been tapped as financial advisor on the transaction.

ALSO FROM THE SFE- The conditions booklet for the planned overhaul of the Mogamma El Tahrir will be made available next month, Planning Minister Hala El Said told Yahduth fi Misr’s Sherif Amer (watch, runtime: 2:18). The fund will give prospective private-sector partners a four-month window to purchase the booklet and present their bids on the project. Feasibility studies on the revamp are still underway, and will likely see the iconic building transformed into a multi-purpose building, with a portion turned into an apartment hotel and others used for commercial purposes, according to the minister.

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