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Thursday, 25 November 2021

Odin to split into two companies + Raya acquires additional stake in Polish pasta maker

MARKET NEWS-

Odin Investments will spin off its operations into two companies after receiving approval from the EGX’s Listing Committee today, according to an announcement (pdf) from the bourse. One company will be specialized in real estate while the other will focus on financial services. Trading on Odin’s shares will be paused until the transaction is completed.

Raya Holding has increased its stake in Polish pasta maker Makarony Polskie to 24.38% after it acquired an additional 4.99% stake in the company today for USD 820k, according to a bourse disclosure (pdf). The transaction was executed on the Warsaw Stock Exchange where Makarony Polskie is listed.

MARKET ROUNDUP-

The EGX30 rose 0.7% at today’s close on turnover of EGP 1.1 bn (26.5% below the 90-day average). Regional investors were net buyers. The index is up 5.4% YTD.

In the green: Heliopolis Housing (+8.8%), TMG Holding (+6.4%) and Rameda (+5.7%).

In the red: Cleopatra Hospital (-1.5%), Speed Medical (-1.3%) and CIB (-0.7%).

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