M&A WATCH-

#1-Taqa Arabia eyes Wataniya stations: Qalaa Holdings’ energy distribution arm Taqa Arabia is set to submit a binding offer to purchase an unspecified number of fuel stations from military-owned fuel retailer Wataniya after Taqa’s board approved the decision on Wednesday, the company said in an EGX disclosure (pdf). The company intends to finance the purchase through a combination of internal funds and external financing from banks and other financial institutions. The value of the stations has not been disclosed “due to the existence of competing offers,” the statement reads.

FYI- The current owner of Wataniya — the military’s National Service Projects Organization — acquired a significant minority stake in Taqa earlier this year.

Remember: The government expects to finalize agreements to sell at least 10% — and potentially as much as 100% — in Wataniya before the end of the year as part of the state’s privatization program.

#2-Blominvest Bank has increased its stake in Rameda Pharma to 5.1%, up from 4.9%, according to a disclosure (pdf) to the EGX on Thursday. The Beirut-based investment bank purchased 3 mn shares worth EGP 5.01 mn, making it the fourth shareholder to independently own more than 5.0% of Rameda after Equinox (18.0%), Saudi Seventh Investment (11.0%), and Ekuity (10.0%). Our friends at EFG Hermes brokered the transaction.

INVESTMENT-

Geidea wants to invest more in Egypt: Saudi SME fintech company Geidea wants to double its investment in the Egyptian market to USD 80 mn over the next 3 years, general manager of Geidea Egypt Ahmed Nader reportedly told Al Shorouk. Geidea’s new investments will focus on e-payments, restaurant management, and launching its own education academy in 1Q 2024, which will help prepare the local workforce for the job market.

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