INVESTMENT-

Edita to more than double capex this year: Edita plans to invest EGP 800 mn during this year, up from EGP 353.6 mn (pdf) in 2022, it said in an EGX disclosure (pdf) yesterday. This doesn’t include the EGP 400 mn it plans to inject into Fancy Foods, the frozen bakery company it recently acquired for EGP 380 mn.

Raya Foods is considering a potential EGP 350 mn capital increase, a pressrelease (pdf) said. “The offers, which have been made by both local and international investors, are being examined from our side in light of our long-term objectives and strategy,” Raya CEO Omar Abdelaziz told Enterprise. He said the company is considering hiring a consultant to close the transaction “when the final decision regarding the submitted proposals is made.”

Ateco factory complete by end of 2024, says CEO: Ateco Pharma will finish the second phase of development of its medical solutions factoryin Sokhna in 1Q 2024 and the third phase by the end of 2024, Al Mal reports, quoting CEO and Vice Chairman Waheed Ateeq. The two phases are expected to cost some EGP 500 mn in total, while the first phase — which was completed last year — cost more than EGP 1 bn.

FINTECH-

Banque Misr x Nexta: Banque Misr signed a cooperation protocol with fintech startup Nexta to launch an electronic payment app, the state-owned bank saidyesterday. Nexta will offer prepaid Visa cards issued by Banque Misr across the country along with the app.

NBFS-

CIB’s mortgage, factoring arm gets license: The Financial Regulatory Authority (FRA) has handed CIB subsidiary Commercial International Finance a license to offer mortgage financing and factoring products, the private-sector bank said in an EGX disclosure (pdf) yesterday. Established last year, the company is 99.8% owned by the CIB and is currently preparing to begin operations.

Azimut, MNT-Halan launch AZ Halan fund: Fund manager Azimut and fintech firm MNT-Halan launched a fund dubbed AZ Halan (AKA Halan Tahweesh) on Sunday that offers savings products to their customers, Azimut Managing Director Ahmed Aboul Saad told Enterprise yesterday. Customers will receive an annual interest rate of around 16% on their savings with daily redemptions, Aboul Saad added. There is no minimum deposit requirement or administrative fee on opening an account.

Contact x Vodafone: Contact Financial’s consumer finance arm Contact Creditech has signed an agreement to launch consumer financing products for Vodafone Egypt customers, including an instant credit limit approval system known as ‘Lending as a Service,’ a press release (pdf) read.

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