FINANCIAL SERVICES-

Beltone Leasing and Factoring inaugurates SCZone branch: Beltone Holding’s Beltone Leasing and Factoring inaugurated a branch in the Suez Canal Economic Zone’s Sokhna Industrial Zone, according to a statement (pdf). The move “is part of SCZone’s broader strategy to establish an integrated financial infrastructure that keeps pace with the growing needs of industrial and logistics activities,” SCZone head Walid Gamal El Din said.

A first: “We are proud to be the first leasing and factoring company to begin operations within the SCZone to finance investors. This step opens new avenues for financing industrial projects and strategic export activities, thereby contributing to economic development and supporting national growth objectives,” Beltone Holding’s Deputy Head of NBFIs for Leasing, Factoring, and Consumer Finance Amir Ghannam said.

M&A-

EgyFert shareholders sell to Nas in partial response to MTO: Shareholders in EgyFert agreed to sell 1.8 mn shares to UAE-based Nas Investment Holding, following an MTO to acquire up to 57.5% of the company at EGP 102 per share, according to an EGX bulletin. The shares tendered represent 33% of the stake Nas was targeting, bringing its total holding in EgyFert to 51.4%, according to our calculations. Nas had sweetened the offer last week, raising it from EGP 95 per share. There’s no publicly available information about the minimum acceptance level.

ADVISORS- Nas enlisted Al Ahly Pharos as broker on the transaction, while MHR & Co and White & Case are providing counsel.

DEBT-

Redcon Properties secures EGP 4.2 bn in syndicated financing for its Golden Gate project: Real estate developer Redcon Properties has landed a EGP 4.2 bn syndicated loan to fund its Golden Gate commercial and administrative complex in New Cairo, according to a statement (pdf) from lead arranger FABMisr. The 3.5 year facility was oversubscribed by 1.2x, triggering a greenshoe option that bumped the loan up from an initial EGP 3.5 bn.

Who was involved: The syndicate also includes Al Baraka Bank Egypt, Abu Dhabi Commercial Bank, Arab Bank, and Emirates NBD Egypt. In addition to being the initial mandated lead arranger, FABMisr acted as the transaction’s bookrunner, facility agent, security agent, and account bank. Matouk Bassiouny & Hennawy provided legal counsel to the lenders.

What they said: “This collaboration reflects our growing confidence in the Egyptian market and in the ability of local companies to deliver transformative urban development projects aligned with sustainability goals,” said FABMisr CEO and Managing Director Mohammed Fayed.

HOSPITALITY-

Omar Effendi’s Heliopolis branch could soon be a hotel: Misr Hotels’ board approved plans to transform the Omar Effendi branch in El Hegaz from a commercial building into a four-star hotel, according to an EGX disclosure (pdf). A feasibility study covering financial, technical, and marketing considerations will be prepared. An engineering report will also be developed to assess the building’s structural suitability, along with a detailed implementation timeline.

Tags: