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Thursday, 29 July 2021

GSK Egypt recruits Grant Thornton for fair value study + FAB mortgages for Tatweer Misr clients

Grant Thorton assigned to evaluate GSK Egypt’s assets: The board of GlaxoSmithKline Egypt has agreed to hire Grant Thorton as an independent financial advisor to assess the fair value of its assets, the company said in an EGX filing (pdf). Grant Thornton will value the company’s intangible and movable consumer healthcare assets excluding properties and equipment, the company said. The move comes a day after the company announced plans to establish a new subsidiary in Egypt to market consumer health products as part of its new strategy to separate its pharma operations from its consumer healthcare business.

Tatweer Misr, FAB team up to offer mortgage finance: First Abu Dhabi Bank will offer mortgage finance plans to Tatweer Misr clients after the two companies inked an agreement, the Egyptian property developer said in a statement (pdf). The Emirati lender will offer finance to the developer’s new and current clients, lending up to 85% of the value of the property over a maximum of 15 years.

Court upholds life sentence for Ikhwan leaders: The Court of Cassation has upheld life sentences handed down to Ikhwan leaders including the outlawed group’s head Mohamed Badie and his deputy, Khairat El Shater, for charges of handing over state secrets to Hamas.

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