E-finance confirms Tamweely acquisition at up to EGP 4.8 bn

Good afternoon, folks, and happy Thursday — the weekend is hours away. Today, we’re taking a look at how the global gold market performed in 2Q: prices pulled back from record highs, and central banks, long-term holders, and Egyptian savers kept buying. We break it down.

Elsewhere in today’s issue: We have a review of Prime Video’s Ride or Die, which turns out to be less about assassins and more about friendships that refuse to fall apart. PSG held on to the Super Cup last night, La Liga kicks off this weekend, and Hakim is headed to Sahel.

But first, the news…

THE BIG STORY TODAY-

📍 E-finance will pay as much as EGP 4.8 bn for full ownership of MSME lender Tamweely Financial Services, the EGX-listed fintech infrastructure player said in a bourse filing (pdf), confirming the acquisition we had flagged earlier this week. This puts Tamweely’s valuation 71% above the price it fetched when it was last sold almost two years ago. The transaction still needs shareholder and regulatory sign-off — from the Financial Regulatory Authority (FRA) and the Egyptian Competition Authority (ECA) — before it can go through, with E-finance eyeing a close in 3Q or 4Q 2026, the release reads.

The pitch? The idea is to pair Tamweely’s lending capacity with the cashflow data already running through E-finance’s rails, giving E-finance a way to underwrite borrowers beyond traditional collateral. The move delivers on a plan laid out when E-finance listed, rather than marking a change in direction, E-finance Chairman and Managing Director Ibrahim Sarhan says.

Transaction mechanics: The consideration comes in two parts: EGP 956.4 mn in upfront cash and roughly 146.1 mn newly issued E-finance shares priced at EGP 26.34 apiece, in line with what we had reported earlier. That values the share leg at around EGP 3.85 bn by our math, handing Tamweely’s shareholders close to 4% of E-finance once the swap completes. SPE Capital and Tanmiya Capital Ventures will be among those staying on as E-finance holders, both said in the release.

Part of that price has to be earned: A chunk of the price only gets paid if Tamweely clears agreed net income targets for FY 2026 and FY 2027, which means E-finance built in downside protection. Management expects the acquisition to boost EPS immediately in both 2026 and 2027, even before factoring in any synergies.

REFRESHER- Tamweely was one of the state’s privatization program’s flagship exits: A consortium of international investors — namely SPE Capital’s SPE PEF III fund, the European Bank for Reconstruction and Development, Tanmiya Capital Ventures, and the UK government’s British International Investment — bought the company outright from its state-owned shareholders in September 2024 for EGP 2.8 bn, ending Ayadi for Investment & Development, NI Capital, and Post for Investment’s hold on the lender after 20 months of negotiations.

About Tamweely: Founded in 2017, Tamweely brings a roughly 250-branch network — with 50 new branches due to open this year — serves some 600k clients, and has an EGP 20 bn lending book. It dropped “Microfinance” from its name last year as it pushed into SME lending, leasing, and micro-ins. The company debuted an EGP 782 mn securitization in late 2024 that drew 2.6x demand, followed by an EGP 1.2 bn securitization bond in December 2025, and secured an EGP 250 mn EBRD facility in March.

ADVISORS- EFG Hermes advised E-finance, PwC handled financial and tax due diligence, and Zulficar & Partners and A&O Shearman provided counsel. Graviton Financial was the independent financial advisor.

IN OTHER NEWS- Following reports earlier this week that a small cargo ship attacked by Yemen’s Houthis in Bab Al Mandab was Egyptian-owned, the Egyptian cabinet confirmed in a statement earlier today that the ship — named Tihama — is Tanzanian-flagged and owned by a Yemeni national. The vessel, operated by Blue Sea for Management Marine, was not en route to Egypt, the statement said.

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THE BIG STORY ABROAD-

🌐 It’s relatively calm on the global front pages this afternoon, with no single story getting top billing. Getting some ink, however, is an announcement from US President Donald Trump that White House Press Secretary Karoline Leavitt will step down at the end of August. Leavitt cited wanting to spend more time with her children and family as the reason for stepping down. At 28, she is the youngest person in US history to hold the role. Trump, who has called her one of his “most trusted aides,” took to Truth Social to say it is a “decision I totally understand and respect.” It is not yet clear who will replace Leavitt.

^^Read more on: BBC and The Guardian.

AND ICYMI- US consumer prices eased in July, falling to 3.4% from 3.5% in June. Prices remain elevated compared to pre-war levels, with increases hitting a three-year high in May and annual inflation reaching 4.2%. Inflation rose 0.1% m-o-m, while core prices — excluding food and energy — rose 2.5% annually.

^^Read more on: BBC and The Guardian.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Norwegian renewable energy developer Scatec brought the rest of its 1.1 GW Obelisk solar-and-battery project in Nagaa Hammadi fully online. The USD 600 mn project’s second and final phase added 564 MW of solar capacity. The company calls Obelisk Africa’s largest hybrid solar-and-battery project. The full project is expected to generate more than 3 TWh of clean electricity annually;
• A Gafi inspection into Premium Healthcare Group’s (PHG) board and auditors identified “serious financial and administrative violations.” The violations are serious enough that Gafi has voided the notice for PHG’s 25 August general assembly and says it will call the meeting itself. The probe also flagged potential criminal conduct, some of which is already under investigation by prosecutors;
• The government wants to more than double annual tourism revenue to USD 38 bn by FY 2029/30, relying on EGP 118.5 bn of tourism and antiquities investment in FY 2026/27, of which private investors are expected to provide EGP 117.8 bn. The new EGP 105.5 bn estimate for FY 2025/26 is 9.2% below the government’s last-year target of EGP 116.2 bn. That earlier plan expected private investors to provide EGP 115.6 bn of the total;
• Talaat Moustafa Group reported a 21% y-o-y increase in net income to EGP 4.5 bn in 2Q 2026. Revenues surged 14% y-o-y over the same period to EGP 17.1 bn on the back of continued construction progress and the delivery of some 1.5k units across the group’s developments, namely Madinaty and Celia.

The EnterpriseAM Egypt Forum is back — and we’re devoting the full day to the singular set of questions on everyone’s mind: What does AI actually mean for your company, your people, your economy, your own job — and your kids’ future?

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☀️ TOMORROW’S WEATHER- Cairo’s in for a hot weekend starting tomorrow, with sunny highs going up to 38°C and a warm low of 26°C. As for the North Coast, it’s looking a little humid for the folks up there this weekend, as highs climb to 32°C, with a low of 24°C, according to our favorite weather app.