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Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
African corruption, Egyptian building forums occupy talking heads last night
The anti-corruption forum and a construction conference stole the limelight on the nation’s airwaves last night. Take that, corruption: The two-day African Anti-Corruption Forum (AAFC), which kicked off yesterday, got some airtime on Al Hayah Al Youm’s Lobna Assal (watch, runtime: 2:28). Assal noted President Abdel Fattah El Sisi calls for increased African legislative and […]
Posted inSpeed Round
Businesses eager for interest rates to return to pre-float levels to boost investment
EXCLUSIVE- The Enterprise business interest rate survey: How far will interest rates have to fall before big business starts borrowing to finance capex? Inflation rose unexpectedly in May, and turmoil in global markets makes it imperative Egypt remain attractive to the carry trade. Together, those factors mean sky-high interest rates are going to be here […]
Posted inSpeed Round
Government approves handing Heliopolis Housing management to an investor
M&A WATCH- Gov’t to offer 11% stake in Heliopolis Housing — with management rights: The Public Enterprises Ministry and the Holding Company for Construction and Development have given principal approval to hand the management of Heliopolis Housing & Development (HHD) to a private investor, Heliopolis Housing said in a bourse filing (pdf). The company will […]
Posted inSpeed Round
FRA issues first short selling license to Arqaam
Arqaam gets Egypt’s first short selling license from FRA: Arqaam Securities Brokerage has officially become the first brokerage firm allowed to short sell after receiving a license from the Financial Regulatory Authority (FRA), the regulator said in a statement (pdf). What’s a short? Let’s pretend that you believe that shares of Company X are overvalued. […]
Posted inSpeed Round
NBE extends bidding process period for Emisal Salts to end of month
M&A WATCH- Bidders have until the end of this month to submit tender offers for Emisal: The National Bank of Egypt is giving would-be bidders until the end of the month to make offers for Emisal Salts, company sources told the local press. Earlier this week, a consortium made up of Kuwait’s Al Madar Finance […]
Posted inSpeed Round
Egypt’s GB Lease completes EGP 767 mn securitized bond issuance
GB Lease has completed a EGP 767 mn securitized bond issuance to improve its short-term liquidity position, according to a press release (pdf). The offering included three tranches: a EGP 203 mn 13-month bond with a variable yield of 40 bps, a EGP 353 mn 3-year bond with a 90 bps yield and a EGP […]
Posted inSpeed Round
Draft law granting Egypt’s FRA autonomy revealed
LEGISLATION WATCH- Leaked draft law would grant autonomy to the FRA: The full draft of a proposed law to grant the Financial Regulatory Authority (FRA) operational autonomy from the government has been published by Al Mal. The bill, if passed, would give the authority status as a separate legal entity with its own balance sheet. […]
Posted inSpeed Round
FEI approves of Mineral Resources Act amendments
FEI says it likes proposed amendments to the Mineral Resources Act — with one caveat: The mines and quarries division of the Federation of Egyptian Industries (FEI) has voiced approval for the main provisions of the Mineral Resources Act amendments, local press reported. The business association appears satisfied with the amendments governing licensing, the regulatory […]
Posted inSpeed Round
Egypt’s trade deficit shrinks 7.8% y-o-y in 1Q2019 -Reuters
Trade deficit shrinks 7.8% y-o-y in 1Q2019 -Reuters: Egypt’s trade deficit has shrunk by 7.8% y-o-y in 1Q2019 to USD 10.57 bn, according to calculations made by Reuters Arabicbased on data from CAPMAS. The narrowing of the deficit was caused by a 5.5% y-o-y fall in imports to USD 17.96 bn, which offset a 1.9% […]