ADES LANDS SUEZ BROWNFIELDS- A consortium led by the Saudi Public Investment Fund (PIF)-backed ADES Holding was awarded a 10-year contract to operate and ramp up oil production at maturing fields operate by Suez Oil Company and Offshore Shukeir Oil Company. The contract, awarded by the Egyptian General Petroleum Corporation, can be extended for another 10 years. (Company statement,pdf)

  • Remember: Cairo-born ADES Holding raised USD 1.2 bn in an IPO on the Saudi stock exchange in October.

BELTONE MORTGAGE CAPITAL RAISE- Beltone Mortgage Finance has substantially increased its issued capital from EGP 50 mn to EGP 1 bn and raised paid-up capital to EGP 500 mn. (Companydisclosure, pdf)

SKY INVESTMENTS TURNS TO BANQUE MISR FOR LOAN- Private investment company Sky Investments is expected to have a request for a EGP 3 bn loan from Banque Misr approved before the end of the year. Other banks could pitch in a portion of the facility, which will be used to fund a real estate project in the Fifth Settlement. (Asharq Business)

AL FUTTAIM TO INVEST EGP 5.7 BN IN GROWTH HERE: Majid Al Futtaim Holding is set to invest EGP 2.2 bn to open 50 new branches of Carrefour in Egypt over the next two years, and another EGP 3.5 bn to open 144 branches of wholesale grocery store Supeco. (Al Borsa)

FRESH FUNDS FOR PORT DEVELOPMENT- The Export Development Bank (EBank) is leading a syndicate of banks that’s putting together a medium-term EGP 2-bn loan for Abdel Salam El Feky Sons to finance the construction of a breakwater at the Alexandria Port and other projects. (EBank statement)

TOUGHER PENALTIES FOR HARASSMENT: President Abdel Fattah El Sisi ratified amendments to the penal code that toughen penalties for people found guilty of harassment in the workplace and on transport. (Youm7)

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