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JANUARY January: EGX-listed companies and non-bank lenders will submit ESG reports for the first time. January: Fuel pricing committee meets to decide quarterly fuel prices. January: Infinity + Africa Finance Corporation to close acquisition of Lekela Power. January: Global Auto to restart BMW assembly in Egypt. 16-20 January (Monday-Friday): Davos 2023. 24 January-6 February: Cairo […]
Author Archives: enterpriseam admin
Posted inWhat We're Tracking Today
THIS MORNING: EGP at 27.63, savers pouring bns into 25% CDs ahead of IMF presser today
Good morning, folks, and happy hump day. The week flies by when you kick it off with a public holiday — and even more so when you’re looking forward to a day that will be as busy as today is shaping up. THE BIG STORY here at home is the Madbouly government’s move to make […]
Posted inUncategorized
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Posted inEconomy
Cabinet ratifies budget cutbacks for FY 2022-2023 amid rising inflation and an ongoing FX crunch
Cabinet announces budget cutbacks amid rising inflation, FX crunch: Prime Minister Moustafa Madbouly has told all but “essential” ministries to make budget cutbacks until the end of the current fiscal year. The order comes as the government works to address a shortage of hard currency and tamp down inflation. Under a directive published in the […]
Posted inM&A WATCH
Compass Capital cleared to do due diligence on Pachin. Plus: Speed Medical, ICMI make M&A headlines
Yesterday in M&A: Compass Capital got the green light to do due diligence on Egypt’s most sought-after paints company, Speed Medical is considering selling its stake in Speed Hospital in Obour, and ICMI is looking at a number of acquisitions in the textiles and medical sectors. YOUR TURN, COMPASS- EGX-listed Paint and Chemical Industries (Pachin) […]
Posted inDebt
GB Lease issues EGP 1.7 bn in securitized bonds
GB Auto subsidiary GB Lease has closed an EGP 1.7 bn securitized bond issuance, according to a joint statement (pdf) by Al Ahly Pharos and CIB. The two institutions were joint financial advisors on the transaction alongside the National Bank of Egypt (NBE). The details: The three-tranche issuance is backed by a receivables portfolio of […]
Posted inLAST NIGHT’S TALK SHOWS
Talking heads keep score as 25% CDs rise
The economy topped the talk shows once again last night, as the pundits focused on Prime Minister Moustafa Madbouly’s budget cutbacks (see our Economy section, above) and the rising tally of investments pouring into the new 25% certificates of deposit (CDs). Investors have so far poured some EGP 155 bn into the record high-yield 25% […]