M&A-

Inching closer to the AngloGold-Centamin acquisition: LSE- and TSX-listed mining company Centamin’s shareholders approved NYSE-listed global miner AngloGold Ashanti acquisition bid, with 98% voting in favor, the company said in an LSE disclosure. The transaction will be carried out on 22 November, pending the Royal Court in Jersey’s approval in a court hearing scheduled for 20 November.

ICYMI: AngloGold and Centamin last month reached an agreement that would see the Johannesburg-based mining giant acquire Centamin in a cash and share transaction valued at around USD 2.5 bn. The acquisition will give AngloGold ownership of the Centamin-run Sukari mine in Egypt, one of the world’s largest gold mines.

RETAIL-

Modon, Lulu to develop more retail facilities in Egypt: Abu Dhabi-based Modon Holding has partnered with the GCC’s largest grocery and retail chain Lulu Retail to develop and operate hypermarkets, supermarkets, and other retail facilities in Egypt and the UAE, according to an press release (pdf). Modon will be responsible for development works while Lulu will manage operations.

REAL ESTATE-

Adeer in negotiations to develop 1.2k-feddan worth of new projects: Saudi Sumou Holding Group subsidiary Adeer is in negotiations with a number of Egyptian real estate firms to develop nine projects on a total area of 1.2k feddans, CEO Bassel El Serafy told Al Borsa. While Sarafy did not disclose further details on the location of the projects or the negotiating firms, he did note that Adeer is currently in talks with Melee Development about developing a 100-feddan integrated urban area in West Cairo.

Adeer is looking to up its investments in Egypt: El Serafy previously told Asharq Business that the company plans to invest USD 400 mn in the Egyptian real estate sector over the next five years, with the company already developing projects in partnership with Paragon Developments, Hassan Allam Properties, and Melee. The company is also looking to set up an Egyptian real estate fund alongside Saudi fund manager Areeb Capital.

RENEWABLES-

AOI to construct Abu Qir’s new EGP 88.3 mn solar station: Abu Qir Fertilizers has awarded installation rights for its EGP 88.3 mn solar station to Arab Organization for Industrialization (AOI), according to an EGX disclosure (pdf). We first got word of the 2.5 MWp station in June after Abu Qir’s board approved the project in an effort to cut down on the company’s electricity consumption. AOI will have a year to complete the project.

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