PRIVATE EQUITY-

Banque Misr has put its financial weight behind the C3 Capital Fund 1 — the country’s first onshore private investment in public equity (PIPE) fund — the state-owned lender said in a statement (pdf). The bank said it contributed around 20% of the EGP 1.8 bn first close — which by our math comes out to around EGP 360 mn.

What they said: “We are committed to creating investment openings that enhance the efficiency of the Egyptian capital market, contribute to the growth of local companies, and attract other companies to the EGC. Through this investment, we aim to enhance the added value of the local market and contribute to achieving sustainable growth strategies through effective partnerships, said CEO Hisham Okasha.

REMEMBER- CI Capital and Compass Capital launched the C3 Capital Fund 1 last month. The fund, which targets EGP 3 bn at final close, will take active positions in EGX-listed companies through a private investments in public equities strategy. It will take 10-33% stakes in EGX-listed firms, securing board seats and driving short- to medium-term growth. Its other backers include E-finance, CIB, Suez Canal Bank, Misr Life Ins., and Midbank.

INFRASTRUCTURE-

Could Arab Contractors team up with Chinese construction giant CSCEC for Africa projects? Housing Minister Sherif El Sherbiny proposed to officials from China’s state-owned China State Construction Engineering Corporation (CSCEC) that it link up with state-owned Arab Contractors to jointly develop projects across Africa, according to a Housing Ministry statement. The idea was received well by the Chinese side, who described it as “excellent proposal,” according to the statement.

Partnering with the world’s largest construction company by revenue for projects across Africa would be no small thing, given the hundreds of USD bns that China invests into its Belt and Road initiative in the continent. Between 2013 and 2023, Chinese companies signed over USD 700 bn worth of contracts for projects in Africa under the initiative, according to Chinese state media.

MANUFACTURING

Oriental Weavers subsidiary Oriental Industrial Projects (OIP) wants to set up a EGP 300 mn SME-focussed complex in Ain Sokhna, OIP Managing Director Sameh Attia told Al Borsa. The complex will house 20 industrial units and wrap up construction in 2025.

Tags: