BANKING-

EFG Holding’s fintech subsidiary Valu and its majority-owned aiBank are set to roll out co-branded Visa credit cards for Valu customers, according to a joint statement (pdf). Eligible users will be able to apply for the card through the Valu app starting Sunday, 28 January. The card’s features include 1% cashback on food, beverages, and fuel, in addition to zero issuance fees, a card-to-card balance transfer program, and a 58-day grace period for repayment.

EARNINGS-

Sidpec’s net income doubles in 2023: Sidi Kerir Petrochemicals (Sidpec) saw netincome rise 98.6% y-o-y in 2023 to EGP 2.5 bn, the company said in an EGX disclosure (pdf). The company recorded EGP 13.2 bn in revenues for the year, up 52.4% y-o-y.

M&A-

CIRA Education to absorb three subsidiaries: The company plans to finish integrating itsmajority-owned subsidiariesUpper Egypt for Education Services, Egyptian Company for Educational Systems, and Edu Tech International Company under CIRA Education, according to a bourse disclosure (pdf).

The rationale: CIRA no longer sees value in keeping separate subsidiaries, now that most of them are now directly now owned by CIRA. The company already owns 100% of both Upper Egypt for Education Services and Egyptian Company for Educational Systems. CIRA also indirectly owns 97% of Edu Tech International and is in the middle of negotiating with owners of the other 3% to take it off their hands for EGP 5 mn, the disclosure reads.

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