Al Rashed did not exit Egypt, restructures holdings under subsidiary

Saudi conglomerate Al Rashed did not exit its investments in Egypt, as was reported incorrectly in some media outlets yesterday. The company just restructured its EGP 6.1 bn in holdings in 13 Egyptian companies to be under its subsidiary RIMCO EGT, as Director Karim Radwan explained to Al Borsa. Radwan says the Al Rashed plans to increase its investments in Egypt. RIMCO EGT took over Al Rashed’s holdings in companies including CIB, Juhayna, SODIC, Talaat Moustafa Group and EFG Hermes, among others.