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ECM WATCH- The state could look to trim its holdings in telecom operator Telecom Egypt (TE) in a secondary offering on the Egyptian Exchange, CIT Minister Amr Talaat told Hapi Journal and Reuters without specifying a timeframe or providing details on the size of the potential offer. The offering is “under study and there is […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Fair share value for Emisal acquisition set before end of month
M&A WATCH- Fair share value for Emisal acquisition decided soon: A fair share value study for Emisal Salts will be ready before the end of September, Chemical Industries Holding Company (CIHC) Chairman Emad El Din Moustafa told the local press. CIHC aims to sell 3 percentage points of its 13.1% holding in the company while […]
Posted inSpeed Round
Egyptian career advice platform Career180 secures USD 100k seed funding
STARTUP WATCH- Career advice platform Career180 has secured USD 100k in seed funding from education-focused venture capital firm EdVentures, according to an emailed statement (pdf). Career180, which was established in 2016, plans to use the funding to develop its online platform and expand its offline presence by bringing its career advising workshops to more governorates […]
Posted inSpeed Round
Egypt to tap int’l banks to manage USD 2.5-3 bn eurobond issuance within three weeks
Gov’t to begin talks with banks over USD 2.5-3 bn eurobond issuance within three weeks: The Finance Ministry expects to begin talks within three weeks with some 20 international investment banks and 7-8 local and international law firms to advise on a USD 2.5-3 bn issuance of USD-denominated eurobonds on the Luxembourg Stock Exchange, government […]
Posted inSpeed Round
Egypt is setting up a digital log of real estate asset sales to collect its 2.5% levy
EXCLUSIVE- Gov’t to digitize its log of real estate asset sales to collect 2.5% levy: The Tax Authority is setting up an electronic system to record real estate sales that would be subject to the 2.5% real estate tax, two government sources told Enterprise. The levy was set last June on the disposition or quick […]
Posted inSpeed Round
Egypt receives 100 requests for overdue export subsidies
EXCLUSIVE- The government has received upward of 100 requests from exporters looking to settle around EGP 900 mn-worth of overdue subsidies, a government official told Enterprise. Authorities have already finished calculating overdue payments for 40 companies, including Toshiba and Zanussi, and is ready to disburse their dues. Under an agreement reached with exporters in May, […]
Posted inSpeed Round
Allianz Egypt appoints new chairman and vice chairman of the board
MOVES- Allianz Egypt Life Insurance Managing Director Ayman Hegazy (LinkedIn) has been appointed as chairman of the board. Hegazy succeeds Antoine Issa, CEO of Allianz Group in the Middle East and North Africa, according to Al Mal. Mohamed Mehran was appointed as vice chairman of the board.
Posted inUncategorized
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Posted inEGYPT IN THE NEWS
Anti-government protests dominate coverage in the foreign press
Weekend protests continue to hold the attention of the foreign press: Protesters clashed with police for the second night in a row in Suez on Saturday, AFP reports. Witnesses told the newswire that some demonstrators were met with tear gas and rubber bullets. The story continues to lead the conversation on Egypt (Associated Press | […]
Posted inWorth reading
The specter of a global recession makes the very wealthy extra risk averse
The specter of a global recession makes the very wealthy extra risk-averse: As the Bank of America's global fund manager survey estimates the risk of recession as being at its highest since 2009, ultra high-net worth investors are adopting a more defensive stance in a bid to protect their assets, according to Business Insider. With […]