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M&A WATCH- Cairo 3A Poultry is close to buying a majority stake in Pyramid Poultry for EGP 500 mn, sources close to the matter told the local press. Negotiations have reportedly reached the final stages, and the acquisition is expected to be completed within a month. Cairo 3A plans to expand Pyramid Poultry following the […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Carrefour to invest EGP 500 mn in Egypt in 2020
INVESTMENT WATCH- Majid Al-Futtaim Group (MAF)’s Carrefour aims to invest around EGP 500 mn in Egypt next year opening three new hypermarkets and 24 new supermarkets, said Country Manager Jean Luc Graziato, according to the local press. The company already has 47 branches in the country, and is expected to open 13 new stores before […]
Posted inSpeed Round
Egypt and UAE’s Emaar finally settle their Uptown Cairo beef
DISPUTE WATCH- Egypt and UAE’s Emaar have finally settled their beef over Uptown Cairo: Property developer Emaar Misr has signed a final settlement with the Egyptian government to resolve a two-year dispute with state-owned El Nasr Housing over the Emirati company’s alleged failure to develop 3 mn sqm of land allotted to it in 2005, […]
Posted inSpeed Round
Galina-Agrofreeze starts process of launching two subsidiaries on EGX
IPO WATCH: Galina-Agrofreeze approaches Pharos, EFG to list two of its subsidiaries on the EGX: Galina-Agrofreeze Fruits & Vegetables has approached investment banks, including Pharos Holdings and EFG Hermes, to manage the planned listing of two of its subsidiaries on the EGX, Chairman Abdel Wahed Soliman tells Al Mal. Galina has yet to determine the […]
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Ebtikar acquires additional 4.8% stake in Egyptian e-payments firm Masary
M&A WATCH- Ebtikar acquires additional 4.8% stake in Masary: Ebtikar for Financial Investment, a joint venture between BPE Partners and MM Group, has reportedly acquired an additional 4.8% stake in e-payments firm Masary, unnamed sources from Ebtikar told the local press. The sources did not disclose the value of the transaction, which brings Ebtikar’s stake […]
Posted inSpeed Round
Egypt’s construction sector set to see annual growth of 11.3% between 2019 and 2023
Construction in Egypt is set to expand by an average of 11.3% each year between 2019 and 2023, data and analytics company GlobalData predicts in its 3Q2019 Global Construction Outlook report. Construction is being driven by Cairo’s urban development program, which could involve building 23 new cities, said economist Yasmine Ghozzi. The urbanization drive comes […]
Posted inSpeed Round
GERD talks once again at a standstill following Khartoum meeting
GERD talks grind to a halt: Talks between Egypt, Ethiopia and Sudan over the filling of the Grand Ethiopian Renaissance Dam (GERD) have once again reached a deadlock, with a two-day meeting in Khartoum between the countries’ irrigation ministers wrapping on Saturday without any substantial progress. President Abdel Fattah El Sisi reiterated that Egypt is […]
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El Sisi ratifies retail stores bill
LEGISLATION WATCH- El Sisi ratifies retail stores bill: President Abdel Fattah El Sisi ratified the retail stores bill on Thursday, according to the Official Gazette. The legislation imposes new licensing rules on the retail sector, and requires unlicensed shop owners obtain a license within a maximum period of five years.
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Ayman Soliman tapped as chief executive of Egypt’s sovereign wealth fund
MOVES- Habemus SWF chief executive: The board of directors of Egypt’s EGP 200 bn sovereign wealth fund tapped Ayman Soliman (LinkedIn) as the fund’s new chief executive on Thursday, according to a statement (pdf). Soliman, who will be at the helm of the SWF for a three-year term, was most recently the CEO of Gemini […]
Posted inSpeed Round
Centamin CEO Andew Pardey to retire
MOVES- Centamin CEO Andrew Pardey will retire after almost four years in the role, the company said last week. Pardey will stay on at the gold mining company for the next 12 months while it searches for a new CEO. His departure comes after a challenging 12 months for the company, which has struggled to […]