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Pharos Investment Banking served as exclusive sell-side advisor to Spinney’s in the sale of a controlling stake in the supermarket chain to Investec Asset Management, according to an emailed statement (pdf). The transaction “solidifies Pharos Investment Banking’s capabilities and growing presence in the M&A market in Egypt,” said Pharos Holding CEO Elwy Taymour. The transaction […]
Author Archives: enterpriseam admin
Posted inLaw
White & Case acts as legal counsel for Energean in its acquisition of Edison’s Egypt assets
US-based law firm White & Case has acted as buy-side legal counsel for Energean in its acquisition of Edison’s Egypt oil and gas assets, partner and co-head of the EMEA corporate practice Allan Taylor said. The USD 750 mn transaction, which saw the Greek energy company acquire the target’s entire oil and gas portfolio in […]
Posted inEgypt Politics + Economics
PM sets up board of trustees to oversee reformation of business environment
Prime Minister Moustafa Madbouly issued a decree to set up a board of trustees to handle the logistics for the Initiative for the Reform of the Business Environment (Irada), the cabinet said in a statement. The board will be headed by Madbouly, and include the investment, planning, finance and trade ministers, among other senior officials. […]
Posted inON YOUR WAY OUT
Cultural museum in Port Said keeps Ancient Egyptian musical heritage alive
Keeping Pharaonic musical traditions alive: A craftsman in Port Said is one of very few people working to keep the cultural heritage of the semsemia, a harp used during the Pharaonic era, AFP reports. Mohamed Ghaly, whose folk arts museum dedicated to the semsemia was demolished in February, has founded a new cultural museum, Canal […]
Posted inON YOUR WAY OUT
Egyptian papyrus text believed to be the oldest Christian letter ever found
A letter written on ancient Egyptian papyrus in the 230s A.D. could be the oldest Christian letter in existence, and offers insights into the lives of the earliest Christians in the Roman Empire, International Business Times reports. The letter, which is now part of the University of Basel’s papyrus collection, has been traced back to […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.54 | Sell 16.66 EGP / USD at CIB: Buy 16.54 | Sell 16.64 EGP / USD at NBE: Buy 16.56 | Sell 16.66 EGX30 (Sunday): 13,672 (-1.0%) Turnover: EGP 396 mn (40% below the 90-day average) EGX 30 year-to-date: +4.9% THE MARKET ON SUNDAY: The EGX30 ended […]
Posted inCALENDAR
July: Customs officials from Egypt and the US will sit down to discuss “procedural and administrative matters” as part of the Trade and Investment Framework Agreements (TIFA). July: The National Railway Authority will launch a tender for the purchase of 100 new locomotives expected to be financed through an agreement with the European Bank for […]
Posted inWhat We're Tracking Today
What we’re tracking on 14 July 2019
Good morning, ladies and gentlemen, and welcome back from what we hope was a relaxing weekend with family and loved ones. We have a packed issue for you to start your week with, so let’s get to it. The central bank chose to leave rates on hold last week: Not ones to be tempted by […]
Posted inEnterprise+: Last Night’s Talk Shows
A mixed bag of nuts on Egypt’s airwaves last night: Egypt’s economy growing fast, Nasr in London, a dose of Amr Adib
It was a mixed bag of nuts on the nation’s airwaves last night, with no single topic dominating the conversation. Egypt made it to third place in the Economist’s list of the fastest-growing economies in 1Q2019, Masaa DMC’s Ramy Radwan reported (watch, runtime: 4:16). Egypt’s GDP growth was just 0.2% shy of India’s, which came […]