Also on our radar on 31 May 2021
M&A WATCH- Odin Investments has fully acquired Alpha Capital Holding for almost EGP 50 mn, Chairman Hashem El Sayed told local press. Odin will raise Alpha’s capital to EGP 100 mn, and maintain its current management structure, he said, adding that the acquisition supports Odin’s ambitions to become an integrated investment bank.
What’s in the pipeline? Odin has plans to establish three funds, one each for real estate, minerals and SMEs, he added. Odin said in January that it would set up four investment funds, each with AUM of about EGP 500 mn, by the end of 2021
Other things we’re keeping an eye on this morning:
- Egypt will invest EGP 3 bn to establish what it says will be the largest medical complex in northern Egypt in Suez, providing medical services to beneficiaries of the universal healthcare scheme. The scheme has so far been rolled out on a trial basis in Luxor, Ismailia and South Sinai.
- Travellers passing through Cairo International Airport can now catch a glimpse of ancient Egyptian artifacts at the recently-inaugurated mini museums in terminals 1 and 2.
- Mortada Mansour making a comeback soon? The Administrative Court has overturned the Olympic Committee’s decision to ban Mortada Mansour from assuming leadership roles in domestic sports activities for four years, Mansour wrote on Facebook. The new ruling comes two months after the court upheld a decision to suspend the Zamalek board and Mansour as chairman following allegations of financial violations. Mansour says he intends to file a lawsuit today to claim EGP 20 mn in compensation from the committee.