M&A-

Eastern Company outlined Philip Morris’ position in the company’s shareholder structure following stake acquisition, which saw the American tobacco giant acquire an indirect 14.7% stake in the state-owned cigarette maker, in an EGX disclosure (pdf).

The who’s who of who owns what: Philip Morris snapped up 49% of the UK-registered UK Egypt Investments Holding Limited, the sole owner of Global Investment Holding, which in October acquired 30% of Eastern Company in a USD 625 mn transaction. The remaining 51% is owned by the UAE’s Ruby Ventures FZC.

ENERGY-

#1- Croatia’sINA mulls expanding its investments in Egypt: Croatian energy producer INA is considering carrying out upstream acquisitions in Egypt as part of its plans of investing up to USD 400 mn annually in the coming years, INA management board head Zsuzsanna Ortutay told Bloomberg. The company’s current investments in Egypt include stakes in four production concessions and one exploration concession.

#2- Italy pushes for SAF cooperation with Egypt: Italy’s Maire Tecnimont wants to partner with an Egyptian oil company as it looks to kick off sustainable aviation fuel (SAF) tests at an Italian airport, according to an Oil Ministry statement. This came during a meeting between Oil Minister Tarek El Molla and a number of Italian officials, including a Maire Tecnimont delegation.

Remember: State-owned firm Egyptian Petrochemicals Holding Company should kick off aproject to produce the country’s first SAF in 2025. US multinational conglomerate Honeywell is currently working on the feasibility study for the project.

RETAIL-

Azza Fahmy expands in the Gulf: Artisanal jewelry company Azza Fahmy will open a new branch in Saudi Arabia in partnership with Mediterranean-focused investment fund Bidayat, Azza Fahmy CEO Fatima Ghaly told Al Mal. Azza Fahmy is pursuing a local and regional expansion plan with an eye on the Gulf, Ghaly added.

Azza Fahmy and Bidayat are old friends: Back in 2022, the investment fund acquired anundisclosed minority stake in the jewelry brand through a capital increase.

LEGISLATION-

A new education council: The cabinet has greenlit a draft law to form the National Council for Education, Research, and Innovation that will outline and develop education policies, according to a cabinet statement. The council will be headed by Prime Minister Moustafa Madbouly and be made up of relevant government officials, specialists, and businessmen.

TRANSPORT-

Spain to play a larger role in Egypt’s railway system: Transport Minister Kamel El Wazir met with his Spanish counterpart Oscar Puente last week and agreed to form a working group to explore Spain's state-owned railway company Renfe managing and operating trains in Egypt, according to a statement from the Transport Ministry. The two ministers also discussed plans to further localize the production of trains in Egypt by expanding the operations of Spanish firms in Egypt.

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