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CBE plays it safe and leaves rates on hold: The Central Bank of Egypt’s Monetary Policy Committee (MPC) left key interest rates unchanged on Thursday, the CBE said in a statement (pdf). The MPC left the overnight deposit and lending rates at 15.75% and 16.75%, respectively, and kept the main operation and discount rates at […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Busy few days at Egypt’s House as reps prep for summer recess
LEGISLATION WATCH- House gives final nod to keeping stamp tax on EGX transactions at 0.15%: The House of Representatives’ general assembly voted in favor of keeping the provisional stamp tax on EGX transactions unchanged at 0.15% on Thursday, Arabic Reuters reports. The tax was scheduled to increase to 0.175% on 1 June as part of […]
Posted inSpeed Round
Care Healthcare divests 31.5% stake in Cleopatra Hospitals
M&A WATCH- Care Healthcare divests 31.5% stake in Cleopatra Hospitals: Care Healthcare sold a 31.5% stake in Cleopatra Hospital Group on Wednesday, Cleopatra said in a bourse filing on Thursday (pdf). Care Healthcare, which prior to the transaction held a commanding 69.4% stake in Cleopatra, sold 503 mn shares at EGP 5.2 a share in […]
Posted inSpeed Round
Veon nearly completes MTO of 42.3% of Global Telecom Holding
M&A WATCH- GTH nearly completes sale of 42.3% stake to Veon: Global Telecom Holding (GTH) shareholders have completed the sale of 37% of the 1.99 bn shares in a mandatory tender offer (MTO) launched by majority shareholder Veon to acquire 42.3% of the company, the local press reported. Shareholders offered to sell the 753 mn […]
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Investec acquires Spinney’s for undisclosed sum, marking its first PE investment in Egypt
M&A WATCH- Investec has acquired Spinney’s Egypt from Abraaj for an undisclosed figure, marking the asset management company’s first private equity investment in Egypt and the eighth investment from its second pan-African private equity fund, according to a statement (pdf). Investec’s Investment Principal Nick Marsh described the Spinney’s model as “a compelling proposition which is […]
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ECA extends technical examination period of Uber-Careem merger
ECA gives itself more time to rule in Uber-Careem merger: The Egyptian Competition Authority (ECA) has extended the period during which it is studying Uber’s recent USD 3.1 bn acquisition of Careem by an additional 60 days, according to an ECA statement. The watchdog originally said it would take 60 working days to examine the […]
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Apple agrees to ECA’s demands to end “anti-competitive restrictions” in Egypt
One win the ECA can claim now: Apple is playing ball with the competition watchdog’s demands to end “anti-competitive restrictions” in Egypt: Apple has agreed to amend its contracts with regional and Egypt-based distributors to remove clauses the Egyptian Competition Authority (ECA) had said violated antitrust regulations, ECA head Amir Nabil tells Masrawy. According to […]
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Egypt to clarify role of private sector in universal healthcare system
Are we finally getting some clarity on the role of the private sector in the new healthcare system? The government took a step towards clarifying the role private healthcare insurance and providers will play within the new healthcare system set up by the Universal Healthcare Act. The government will contract out healthcare services to the […]
Posted inSpeed Round
Arrears owed by Egypt to IOCs fall to USD 900 mn
Arrears to IOCs fall to USD 900 mn, on track to be cleared by the end of the year: Arrears owed by Egypt to international oil companies have fallen to USD 900 mn as of the end of June, down from USD 1.2 bn a year ago, Oil Minister Tarek El Molla told Reuters on […]
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FinMin issues amendments to Customs Act regulations
LEGISLATION WATCH- FinMin issues amendments to Customs Act regulations: The Finance Ministry has issued amendments to the executive regulations of the Customs Act, the local press reported. The amendments allow imports that haven’t been custom-cleared to be transported to warehouses outside of ports and special economic zones after valid guarantees are presented. Separately: The House […]