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EGP / USD CBE market average: Buy 16.49 | Sell 16.59 EGP / USD at CIB: Buy 16.48 | Sell 16.58 EGP / USD at NBE: Buy 16.51 | Sell 16.61 EGX30 (Sunday): 13,616 (+0.7%) Turnover: EGP 445 mn (23% below the 90-day average) EGX 30 year-to-date: +4.5% THE MARKET ON SUNDAY: The EGX30 ended […]
Author Archives: enterpriseam admin
Posted inCALENDAR
August: Meetings of the Egyptian-Belarussian Committee for trade, economic, scientific and technical cooperation, Minsk. August: The National Railway Authority is expected to sign a 15-year maintenance agreement for 1,300 railcars it had agreed to purchase from Russia’s Transmashholding under a EGP 22 bn contract. 5 August (Monday): Egypt’s Emirates NBD PMI for July released. 7-11 […]
Posted inWhat We're Tracking Today
What we’re tracking on 4 August 2019
It’s official, folks: Eid Al Adha falls this Sunday. Dar Al Iftaa announced on Thursday that the first day of Eid Al Adha will be Sunday, 11 August. This sets us working people up for a five-day break (Friday-Tuesday). We have yet to hear anything official from cabinet for the public sector, and from the […]
Posted inEnterprise+: Last Night’s Talk Shows
Suez Canal revenues rise, Port Said welcomes universal healthcare
Suez Canal revenues rise: The Suez Canal Economic Zone reported EGP 3.6 bn in revenues for FY2018-2019, breaking records for the second consecutive year. The company posted a net profit of EGP 2.2 bn for the year, Hona Al Asema’s Reham Ibrahim said (watch, runtime: 01:21). Port Saidis hit clinics to get medical care: About […]
Posted inSpeed Round
Fawry’s private placement sees strong demand
IPO WATCH- Fawry’s private placement 15.9x oversubscribed: Investors oversubscribed 15.9x to the private placement portion of Fawry’s ongoing IPO, EFG Hermessaid in a statement (pdf). Sources close to the matter had incorrectly told the local press last week that the private placement was around 6.5x oversubscribed. About 69.3 mn shares, or 9.8% of the company, […]
Posted inSpeed Round
Carriage closes operations in Egypt
STARTUP WATCH- Food delivery service Carriage closes operations in Egypt: Kuwait-headquartered food delivery company Carriage has shut down operations in Egypt five months after launching, MENAbytes reports. Germany’s Delivery Hero acquired the company in 2017, but now reportedly wants to put all its resources in Egypt into Otlob. The food ordering and delivery platform leads […]
Posted inSpeed Round
Central Bank of Egypt launches no-risk interest rate benchmark CONIA
The Central Bank of Egypt (CBE) launched on Thursday CONIA, an interest rate benchmark that is effectively no-risk to “support the development of a more efficient domestic money market,” according to a European Bank for Reconstruction & Development (EBRD) statement. “The new benchmark, the Cairo Overnight Interbank Average (CONIA), was developed by the Egyptian Money […]
Posted inSpeed Round
Egypt’s Prime Holding acquires close to 10% of AT Lease at EGP 29 mn
M&A WATCH- Prime Holding has acquired close to 10% of Al Tawfeek Leasing (AT Lease) in a transaction worth nearly EGP 29 mn, Prime CEO Khaled Rashed told Al Mal. Prime is planning to take an “activist shareholder” approach to AT Lease by presenting a business plan to the company’s board and top management team […]
Posted inSpeed Round
Egypt’s economic conditions could allow CBE to accelerate easing cycle -HC Securities
Egypt’s economic conditions could allow CBE to accelerate easing cycle, fully reverse monetary tightening by 2020 -HC Securities: Improving economic conditions and the anticipated cool-down of inflation once the full effect of fuel subsidy cuts wear off should give the Central Bank of Egypt (CBE) enough breathing room to begin an accelerated easing cycle, HC […]