LEGISLATION-

Hospital privatization bill gets the final greenlight: President Abdel Fattah El Sisi on Sunday ratified a bill allowing private entities to set up, manage, and operate healthcare facilities and public hospitals for a period of 3-15 years, according to the Official Gazette. These healthcare facilities will return under state ownership when the concessions mature. The new law went into effect as of today, and its executive regulations will be out within a month.

Not all hospitals and healthcare facilities though: The bill will not include medical facilities offering health services key to national security or basic healthcare and birth control units and centers as well as facilities operating blood and plasma collection.

Remember: The bill got approval from the House in May, after long debates between those in favor of the bill, arguing it would help attract foreign investments into Egypt’s health sector, and enhance the services offered by public hospitals and healthcare units, and those against the bill, arguing it would will make healthcare too expensive for ordinary citizens.

M&A-

GTEX’s board greenlights share sale of UK menswear subsidiary: GTEX Holding’s board has approved an offer to acquire its 98.15% stake in UK menswear retail subsidiary Baird Group, the company said in a EGX disclosure. Prime Capital was tapped to determine the fair value of Baird shares.

And the mystery bidder is: The previously unnamed related party vying for their stake was named as GTEX Holding CEO Alaa Arafa.

REAL ESTATE-

Marseilia Group eyes launching a Saudi arm: Egyptian real estate developer Marseilia Group plans to launch a Saudi arm with a EGP 10 bn investment as it prepares to roll up its sleeves on two projects in Riyadh and Qassim, Mubasher reported, citing statements by the company’s chairman Sherif Heliw to a group of Saudi investors. He said his company was looking to develop residential, commercial, and coastal projects in the kingdom without providing further details.

IPOs-

Friday Ice Cream to list shares on the EGX by the end of 2026: Frozen dessert maker Friday Ice Cream is planning on listing shares on the EGX following the completion of all three phases of construction of its new ice cream factory, the company’s chairman Mohamed Gomaa told Al Mal (watch, runtime: 1:03:45).

Remember: The ice cream maker is currently in talks with local banks to obtain an EGP loan equivalent to EUR 20-25 mn to fund the construction of the second phase of its new factory in Tenth of Ramadan City.

Scaling sweet treats: Friday Ice Cream’s new factory is expected to be the largest in the Middle East and will eventually reach a pasteurization unit production capacity of 30 tons per hour — significantly more than the 10 tons per hour produced by foreign companies operating in the local market, Gomaa pointed out. The company also plans to dedicate 15-20% of total production capacity to exports.

Tags: