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DEVELOPMENT FINANCE-
Egypt is among seven countries to benefit from a USD 1 bn package by the Climate Investment Funds program to reduce industrial emissions, according to a statement from the International Cooperation and Planning Ministry. Egypt, alongside Brazil, Mexico, Namibia, South Africa, Turkey, and Uzbekistan, will collaborate with development banks and private sector partners to develop investment plans to submit to the multilateral climate fund’s board for approval. These plans will help the countries receive low-cost funding to expand clean technologies including green hydrogen and low-emission industries, in addition to attracting green investments.
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M&A WATCH-
Hassan Allam Utilities will acquire a 30% stake in Acwa Power subsidiary Acwa Power Luxor Project Holding Company after the Egyptian Competition Authority approved the local energy and infrastructure leader’s acquisition of the Saudi renewables giant’s subsidiary.
CAPITAL MARKETS-
#1- Development Partners International (DPI) received the green light from the Central Bank of Egypt to take over the management of fintech fund Nclude, according to a statement (pdf). The move “aims to attract new foreign investments in the fintech sector, aligning with the fund’s goal of becoming the largest fintech-focused fund across the region, with a targeted capital of USD 150 mn.”
REMEMBER- The Africa-focused private equity giant first announced that it is taking over the management of Nclude’s USD 105 mn assets under management under a fund restructuring transaction between the two sides in April. Under the move, DPI will both run Nclude’s existing investments and make investment decisions going forward.
#2- Valu’s has taken another step toward making its EGX trading debut, after parent company EFG Holding completed the restructuring of Valu operator U Consumer Finance after the bourse executed share transfers of 473.7 mn shares totaling worth EGP 335.5 mn, according to an EGX disclosure (pdf). The shares were transferred to EFG Holding from several of its subsidiaries, including EFG Hermes, Hermes Asset Management, and EFG Finance.
The restructuring sets the stage for EFG Holding to distribute Valu shares equivalent to about 20.5% of the company to its shareholders in lieu of a banknote dividend, based on a book value of EGP 0.78 per share. The record date for the distribution was last Thursday, and Valu is due to start trading on the EGX in the week starting 22 June.
