EXPANSION-

#1- EGAS to set up a JV for gas exports in Greece: State gas firm EGAS signed a partnership agreement with Greek infrastructure investment company Copelouzos Group to develop a JV headquartered in Greece focused on the trade, transport, supply, and regasification of natural gas in Eastern European countries and Greece, according to a statement. The agreement follows President Abdel Fattah El Sisi’s meeting with the chairman of Copelouzos Group, which saw the two discuss supplying natural gas to Eastern Europe.

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#2- Beltone Leasing eyes African expansion: Beltone Holding subsidiary Beltone Leasing and Factoring is looking to expand across the continent, starting with Morocco and Senegal, CEO Amir Ghannam told Asharq Business. The company is in talks with three major international financial institutions over a USD 60 mn loan to fund the expansion, he added. The company confirmed the story later yesterday in an EGX disclosure (pdf).

M&A WATCH-

#1- Amoun’s bid for 65.6% of Atlas moves forward: The Financial Regulatory Authority (FRA) approved Amoun for Real Estate and Tourism Development’s bid to acquire a 65.59% stake in Atlas For Investment and Food Industries, according to an announcement by the FRA (pdf). Amoun wants to buy 427.2 mn of Atlas’ shares at EGP 0.78 per share in a mandatory tender offer, putting the transaction’s value at EGP 333.22 mn by our math.

Remember: Amoun last month submitted a mandatory tender offer to acquire a majority stake in Atlas.

#2- Aspire to sell its stake in Egyptian Exchange Company: Aspire Capital Holding will sell its entire 40% stake — represented in 2 mn shares — in Egyptian Exchange Company to three investors in a EGP 81.75 mn transaction after its board approved the move, according to an EGX disclosure (pdf).

#3- Catalyst Partners’ Saudi venture kicked off operations, acting as the sole financial advisor on a transaction that saw gaming-focused, India-based strategic investment firm Jetapult acquire a stake in KSA-based game studio UMX Studio, according to a statement (pdf). The transaction marks Catalyst Partners’ first foray into the Saudi market.

REGULATION-

New anti-money laundering and terrorism financing guidelines for NBFIs: The Financial Regulatory Authority has issued new regulations to combat money laundering and terrorism financing for NBFIs, according to a decision published in the Official Gazette. The new regulations apply to the EGX, financial institutions, and entities licensed to engage in non-banking financial activities.

The details: The new rules require NBFIs to task an internal audit officer with assuring that the company remains in line with anti-money laundering and terrorism financing regulations, and stipulates that employees must be regularly trained in order to help them identify the signs of illicit activity. The new guidelines also lay out a set of general and sector-specific indicators to be used to determine whether certain activities might involve money laundering or terrorism financing.

BANKING-

Low-risk clients can now open up FX financial inclusion bank accounts, after the central bank greenlit the move, according to a CBE circular (pdf). The move aims to integrate more segments into the formal banking sector and facilitate transactions for those who require FX bank accounts.

The nitty-gritty: The new accounts will be available to individuals, as well as micro-enterprises classified as low-risk. The daily and monthly transaction limits for these accounts will be equivalent to those set for EGP accounts, based on the exchange rate at the time of transactions. Banks can issue debit cards for the FX account after securing the CBE’s approval.

REAL ESTATE-

Fast tracking Madinet Masr’s Sarai: Real estate developer Madinet Masr inked a EGP 600 mn strategic partnership with Redcon Spain Construction to speed up construction work in its Sarai Project in New Cairo, according to a statement (pdf). The constructor will take over the construction of the Z Villas in Sarai’s East Wave project — construction is expected to be completed next year.

INVESTMENT BANKING-

GB Capital to offer promotion, underwriting services: GB Corp’s NBFS arm GB Capital has acquired its promotion and underwriting license from the Financial Regulatory Authority, according to a statement (pdf). While not transitioning into an investment bank, the license allows the company to offer venture capital services and establish companies that issue or increase their capital through securities.

HOSPITALITY-

A new Hilton hotel is coming: Global hospitality brand Hilton will set up a Hilton Garden Inn in Borg El Arab in partnership with Tharaa Developments, according to a statement (pdf). The 135-key hotel is set to open in 2028 and will include lobby and pool bars, a restaurant, four meeting rooms, a gym, and direct beach access. The hotel’s location in Tharaa’s Glee development is just half an hour’s drive from Borg El Arab Airport and less than a two-hour drive from West Cairo.

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