El Garhy family wants a bigger piece of EFG Holding

A group of shareholders led by members of El Garhy family have notified the Egyptian Competition Authority of their intention to acquire an additional 5.0% stake in EFG Holding, according to a statement from the authority. The group — which includes El Garhy Steel and several family members — held 7.6% at the end of October, according to an EFG Holding regulatory filing

If they’re successful, the Garhy family’s total stake would rise to 12.7%, putting them on par with France’s Natixis as one of the financial services giant’s two largest shareholders. Natixis held 12.3% as of October.

El Garhy is diversifying from its industrial roots, with its latest play mirroring a previous move to up its holding of Arab Developers to nearly 20%. While diversifying its asset base into real estate and financial services, the manufacturing-focused family also divested a 26.3% stake in Misr National Steel to Al Organi Group for EGP 1.9 bn in March.

B.Tech’s fintech arm closes securitized bond issuance

B.Tech’s fintech arm mylo closed an EGP 1.8 bn securitized bond issuance, its second ever, according to a statement (pdf). The offering, which consisted of tranches with a 12-month maturity, is set to fuel the company’s expansion, including plans to “grow its user base, expand its merchant and brand partnerships, and further invest in the platform’s technology infrastructure.”

ADVISORS- EG Bank acted as the custodian.

Four new oil and gas discoveries

Egypt will add 4.5k barrels of crude oil and 2.6 mmcf of gas to its daily production output through four new oil and gas discoveries by Tharwa Petroleum, Khalda Petroleum, and Borg El Arab Petroleum, according to a statement from the Oil Ministry. Initial production from the wells has already begun, and further testing is underway.

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