FINTECH-

E-finance backs the country’s first PIPE fund: State-owned fintech giant E-finance contributed EGP 250 mn to the country’s first onshore private investment in public equity (PIPE) fund that was officially launched this week by CI Capital and Compass Capital — dubbed the C3 Capital Fund 1 — it said in a statement (pdf). The fund completed its first close after securing a total of EGP 1.8 bn in commitments — more than half of its EGP 3 bn target it is expected to reach by the final close — from institutional investors, family offices, and high-net-worth individuals. Backers also include Banque Misr, CIB, Suez Canal Bank, Misr Life Ins., and Midbank.

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REMEMBER- The fund is targeting 10-33% stakes in undervalued EGX-listed firms to secure board seats and drive short- to medium-term growth. The fund plans to invest some EGP 1-1.5 bn in 4-6 EGX-listed companies this year, fund CEO Ahmed Hussein told Zaywa.

M&A-

FRA extends AXA’s deadline for Delta Ins. takeover offer: The Financial Regulatory Authority (FRA) has granted AXA Egypt a 60-day extension to submit a mandatory offer for its planned takeover of Delta Ins., according to an FRA disclosure (pdf). The original offer period was due to expire yesterday.

REMEMBER- In December of last year, the company registered its interest to buy up to 100% of the Egypt Kuwait Holding (EKH) subsidiary at an estimated EGP 5 bn valuation with plans to merge Delta Ins. into its Egypt operations. Meanwhile, Delta received a competing bid from Morocco’s Wafa Assurance proposing to acquire up to 100% of the company at the same estimated valuation.

MANUFACTURING-

Hyundai Rotem, NERIC to roll out new metro trains soon: South Korean railway equipment manufacturer Hyundai Rotem and the National Egyptian Railway Industries Company (NERIC) will kick off the production of 40 metro trains for lines 2 and 3 of the Cairo Metro by mid-2025, Asharq Business reports, citing sources it says are in the know. The consortium plans to deliver the first seven trains in 2026, with a two-year warranty and eight years of maintenance for the trains.

We knew this was coming: Hyundai Rotem and NERIC signed a USD 656 mn agreement back in 2022 to locally produce 40 trains with 320 carriages for Cairo’s metro lines, with an initial MoU signed a year prior, as part of the government’s plan to localize the railcar manufacturing industry.

EVS-

Local manufacturer Engineering Industrial Group (INDE) plans to begin producing electric cargo tricycles this year, a company official told Al Mal. The company aims to produce at least 2k tricycles — with a local component ratio of over 65% — annually for the local market and export, before doubling production at a later stage. INDE has reportedly already begun promoting the model in African markets and is set to upgrade its production lines to accommodate its manufacture, expanding beyond its current production of fuel-powered tricycles.

SMEs-

EBRD launches SME support program with the central bank, EBank: The European Bank for Reconstruction and Development (EBRD) introduced the SME National Champions Program in collaboration with the Central Bank of Egypt, Export Development Bank (EBank), and other local financial institutions, according to a statement from the lender. The program has the stated aim to “accelerate the growth of high-potential SMEs” by offering training, mentoring, and networking. The initiative will also lean on EBank’s Export Club program to help the companies expand into new markets.

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