ENERGY-

Petrojet lands USD 1 bn contract to develop Algerian field: State-owned oil and gas contractor Petrojet was awarded a USD 1.1 bn contract to develop the second phase of the Hassi Bir Rkaiz field project in Algeria, according to a statement from the Oil Ministry. The company took part in a competitive bidding process against major international firms for the project.

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The details: Petrojet will lead a consortium alongside Italy’s Arkad SpA to execute the project. The project includes the construction of a central processing facility with a capacity of 31.5k barrels per day, along with linked infrastructure, including 217 km of pipelines.

M&A WATCH-

#1- Delta Ins. shares were valued at EGP 40.54 under a fair value report prepared by independent advisor BDO Keys Financial Consulting and approved by Delta’s board, according to a disclosure (pdf) to the EGX. The fair value study price is higher than Wafa Assurance’s EGP 40 per share offered in its mandatory tender offer. The board described the offer as a positive chance for shareholders to achieve strong returns and said this would enhance the company’s competitive position while ensuring job stability for employees.

REMEMBER- Casablanca-listed Wafa Assurance received regulatory approval last month to launch its mandatory tender offer for up to 125 mn Delta shares — representing 100% of the company — at EGP 40 per share, valuing the transaction at up to EGP 5 bn. Shareholders have until 27 October to respond, with settlement due within five days of the offer’s close.

#2- Middle East Glass’ general assembly approved the merging of three of its subsidiaries into the company, according to an EGX disclosure (pdf). Following the merger of Misr Glass Manufacturing, MEG Misr for Glass, and Middle East Glass Containers-Sadat, the parent company will maintain its authorized capital at EGP 150 mn and issued capital at EGP 62.6 mn, with the EGP 755.2 mn difference between equity rights recorded in reserves.

#3- Saudi Al Hassan Contracting is in talks with Egyptian digital transformation and cybersecurity solutions company Digital Planets over a 50% stake acquisition, Digital Planets’ CEO Ahmed Hanafy told Al Mal. The transaction — which could later extend to include Digital Planets’ UAE operations — follows Al Hassan’s earlier acquisition of a 50% stake in the company’s Saudi subsidiary, Hanafy told EnterpriseAM.

Also in the pipeline: Digital Planets is preparing to enter the Omani market next year, Hanafy told us. The move aims to strengthen the company’s presence in the GGC.

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