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News from the weekend’s fuel subsidy cuts keeps rolling in: The government has agreed with pasta manufacturers to cut prices of subsidized pasta offered on ration cards to EGP 7.25, from EGP 8, according to a Cabinet statement. Subsidized pasta now costs 35% less than the regular stuff sold on the market, according to the […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
El Sisi’s visit to Niger dominates Egypt’s airwaves for second consecutive night
President Abdel Fattah El Sisi’s visit to Niger dominated the nation’s airwaves for the second consecutive night. El Sisi chaired yesterday the African Union’s (AU) extraordinary summit, which saw the launch of the African Continental Trade Area (AfCFTA) agreement. We have the full story in Speed Round, below. El Sisi’s speech in the summit’s opening […]
Posted inSpeed Round
House nods to Investment Act, law allowing foreigners to obtain Egyptian passports
LEGISLATION WATCH- It was a busy day at the House of Representatives as MPs rush to clear bills off their tablebefore flocking to Sahel for their annual summer recess. Amendments to the Investment Act that aim to extend incentives to existing projects got a final nod at the House general assembly yesterday, the Investment Ministry said […]
Posted inSpeed Round
Actis gets approval to take over management of CHG’s majority shareholder
M&A WATCH- Actis gets regulatory approval to manage Cleopatra Hospital’s majority shareholder: EM private equity fund Actis received approval from the Financial Regulatory Authority (FRA) to take over the management of Creed Healthcare Holdco from now-defunct EM private equity giant Abraaj, Al Mal reported, citing unnamed sources. Creed Healthcare, also known as North Africa Hospital […]
Posted inSpeed Round
Emaar, El Nasr sign dispute resolution agreement
DISPUTE WATCH- The Emaar vs. El Nasr beef is finally over: Property developers Emaar Misr and state-owned El Nasr Housing will drop all arbitration cases against each other as part of a dispute resolution agreement signed last week, Emaar said in a bourse filing (pdf). The agreement settled all technical, financial, and procedural points and […]
Posted inSpeed Round
Egypt’s administrative court suspends 15% import on iron billets
Administrative court suspends 15% import fee on iron billets: The Supreme Administrative Court has suspended the 15% import duty on iron billets imposed by the Trade Ministry in April, Mubasher reported. The court is now seeking expert opinion to ascertain the effects of the duty on local industry. Twenty-one iron factories had filed a lawsuit […]
Posted inSpeed Round
Egypt mulling tax incentives for prospective EGX listings
EXCLUSIVE- Gov’t mulling tax incentives for prospective EGX listings: The government is studying a proposal to provide tax breaks to companies that decide to list shares on the stock exchange as part of a strategy to drive new listings and increase market capitalization, government sources told us. The proposal could also include breaks on cash […]
Posted inSpeed Round
AfCFTA’s operational phase launched at AU summit
African Union launches African trade zone at Niger summit: The African Union (AU) formally launched the African Continental Trade Area (AfCFTA) at a two-day summit in Niger on Sunday, Reuters reports. The agreement to set up a USD 3.4 tn African economic zone comes after four years of talks. All but one of the 55 […]
Posted inSpeed Round
Ezz Steel reports consolidated loss of EGP 1.28 bn in 1Q2019
EARNINGS WATCH- Ezz Steel has reported a consolidated net loss of EGP 1.28 bn in 1Q2019, compared to a EGP 184 mn profit during the same period the previous year, according to the company’s financial statement (pdf). Top line net sales were effectively unchanged over the year, recording EGP 12.62 bn during 1Q2019, up slightly […]