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EXCLUSIVE- The government is planning to issue between USD 250-500 mn of Asian bonds during the current fiscal year, two government officials told Enterprise. The Finance Ministry was originally planning to issue between USD 500 mn and USD 1 bn of Asian bonds, the sources said. The government is still considering whether to issue the […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egyptian e-payments platform Fawry’s private placement more than 6x oversubscribed
IPO WATCH- Fawry private placement more than 6x oversubscribed: The private placement portion of e-payments platform Fawry’s initial public offering, which closed yesterday, was c.6.5x oversubscribed, sources close to the matter told the local press. The private placement constitutes 10% of the offering, which will see Fawry sell 36% of its shares. The retail component […]
Posted inSpeed Round
Azimut gets greenlight to acquire Rasmala subsidiary
M&A WATCH- Azimut gets green light to acquire Rasmala subsidiary: The Financial Regulatory Authority (FRA) has approved Italy-based asset manager Azimut Group’s acquisition of 100% of Rasmala Egypt Asset Management (REAM) from its parent company Rasmala Group, REAM chairman and MD Ahmed Abou El-Saad told Al Mal. The transaction, the value of which remains undisclosed, […]
Posted inSpeed Round
Egyptian Refining Company, Suez Cement, Arabian Cement sign petroleum coke supply agreements
Qalaa’s ERC signs pet coke supply agreements with Suez Cement, Arabian Cement: Qalaa Holdings’ Egyptian Refining Company (ERC) has inked agreements with Suez Cement and Arabian Cement to supply 500k tonnes of petroleum coke each year. Arabian Cement has agreed (pdf) to purchase 300k tonnes a year while Suez Cement will receive 200k (pdf), according […]
Posted inSpeed Round
Egypt to postpone planned electricity plants amid oversupply, slow growth
Electricity Ministry to postpone planned plants amid oversupply, slow growth: A surplus in electricity production of up to 15k MW per day and relatively slow demand growth have prompted the Electricity Ministry to tweak its project pipeline and postpone a number of planned plants, government sources told the press. The excess production could still be […]
Posted inSpeed Round
Americana Egypt’s minority shareholders reject Adeptio AD’s buyout offer
DISPUTE WATCH- Americana Egypt’s minority shareholders say nay to Adeptio AD’s buyout offer: Minority shareholders in the Egyptian International Tourism Projects Company (Americana Egypt) are skeptical of a planned buyout offer from main shareholder Adeptio AD Investments and will continue their fight with the company if it fails to submit a “suitable offer,” minority shareholder […]
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Edita BoD to probe ending contract with Greece’s Chipita
DISPUTE WATCH- Edita to probe ending contract with Greece’s Chipita: Edita Food Industries is probing a dispute over a “manufacturing and services contract” with Greek snack maker Chipita, the company said in a bourse disclosure (pdf). Edita’s chairman and managing director have been mandated with evaluating the situation and “specifying the necessary legal course.” The […]
Posted inSpeed Round
Israeli regulator gives thumbs up to Delek-led EMG pipeline acquisition
Israeli regulator gives thumbs up to Delek-led EMG pipeline acquisition: Israel’s antitrust regulator has agreed to let partners Noble Energy and Delek Drilling buy into the East Mediterranean Gas (EMG) pipeline running between Egypt and Israel, provided they let other companies access it, Reuters reported. Delek, Noble, and East Gas hope to complete their acquisition […]
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Misr Clearing looking to IPO sports subsidiary
IPO WATCH- Misr Clearing looking to IPO sports subsidiary: Procedures to IPO Misr Lel Makkasa Sporting Club will be completed by November, Misr for Central Clearing, Depository, and Registry (MCDR) boss Mohamed Abdel Salam told Amwal Al Ghad. MCDR is working on increasing its subsidiary’s capital to EGP 100 mn from EGP 42 mn, Abdel […]
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Orascom Construction, Cleopatra Hospitals, now listed on rebalanced EGX30
The composition of the EGX30 is a bit different this morning after the exchange swapped six companies in its regular rebalancing. The full rundown on the rebalancing is here (pdf). Who’s out: Global Telecom, GB Auto, the Arab Company for Asset Management and Development, Sarwa Capital, Arab Cotton Ginning Company, and Arabia Investment Holdings. Who’s […]