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Greek listed companies that have exposure to Egypt are closely monitoring the situation in the African country as they concerned whether that there will an impact on their subsidiaries, according to Dow Jones Newswires.

The Greek listed companies expanded in Egypt, attracted by its emerging economy and geographic proximity.

But after the violent four-day protests, the companies are worried about the possibility of a long disruption to business activities.

Titan Cement and Piraeus Bank are largely exposed in Egypt, while the exposure of Sidenor, Intralot and GFrigoglass is significantly smaller.

"The situation has not affected us yet, but, it is a serious concern and we are watching it very closely. We are encouraged that relations between Egypt and Greece have always been warm, so Greek-owned businesses may not be affected too much," Spyros Xenos, manager of Titans corporate communication department told Dow Jones.

Egypt accounts for a hefty 26% of Titans group sales and 40% of group’s Ebitda. 

"The current riots might prove to be a negative catalyst for Titan shares. Cement production and consumption wont be disrupted by low-scale turmoil, but if riots grow into widespread social unrest, then there will be a material risk," Kostas Ntounas, equity analyst at National Securities told the news agency.

Piraeus Bank has 48 branches and 1.6% market share in Egypt, while the banks local assets amount to a significant EUR1.7bn even if total group assets reach EUR56.6bn.

Chrisanthi Berbati a Piraeus investor relations officer told Dow Jones that "the political issues have not had an impact on our small Egyptian subsidiary that concentrates on servicing clients in only two cities, Cairo and Alexandria. However, the bank is concerned about developments and is watching the situation closely".

Finally, Panagiotis Kladis, senior banking analyst at National Securities commented that he doesn’t see a scenario in which Piraeus could definitely lose part or all of its investment in Egypt.
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