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M&A-
EFG Finance to exit PayTabs Egypt as part of a push to streamline operations: EFG Holding’s non-bank financial services arm EFG Finance will offload its entire 51% stake in e-payment solutions provider PayTabs Egypt to Saudi parent company PayTabs Global for an undisclosed sum, according to a statement (pdf). The transaction isn’t expected to have a significant impact on the group’s financial position, the statement said. It’s noteworthy that EFG was previously mulling an exit through a share-swap agreement for a slice of PayTabs’ parent company.
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What they said: “Our divestment from PayTabs Egypt represents a strategic step in refining our operational focus. By reallocating resources from non-core assets, we enhance our ability to drive sustainable growth and innovation in key areas. This decision aligns with our long-term strategic objectives and commitment to delivering value to our stakeholders,” said EFG Finance CEO Aladdin El Afifi.
LOGISTICS -
Dekheila Port’s USD 660 mn offshore facility takes a step forward: The Alexandria Port Authority inked initial commitment agreement with the Alexandria for Supply Chain Company to establish a permanent offshore facility to receive, store, and transport feed gasses for local industry at the Dekheila Port, according to a Transport Ministry statement. The project will see USD 660 mn in investments across three phases of development.
When will the facility go online? Commercial operations for the first phase are expected to kick off in 2027 with volumes of up to 350k tons annually, which are expected to rise to 4 mn tons upon wrapping up the project’s third phase.
REMEMBER- Alexandria for Supply Chain Company — a JV between state-owned companies Egyptian Petrochemicals Holding, Sidpec, and the Egyptian Natural Gas Company (Gasco) and private sector player Gama Construction — aims to import 1.1 mn tons of liquefied ethane gas a year, ensuring a steady supply of raw materials for the petrochemical industry in the region.
