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Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Check back after Ramadan for our daily wrapup of last night’s talk shows.
Posted inSpeed Round
Raya Holding plans EGP 500 mn bond issuance
Could Raya Holding break a decade-long dry spell in Egypt’s corporate bond market? Raya Holding is planning to issue EGP 500 mn worth of three-year bonds to finance its expansion without resorting to high-interest rates on bank loans, Al Mal reports. The issuance could take place before the end of the year. Raya has reportedly […]
Posted inSpeed Round
Home electricity prices could rise 30-60% in July as Egypt phases out subsidies
Residential electricity prices could increase by 30-60% after the next round of subsidy cuts that will take place at the start of the next fiscal year in July, Electricity Ministry officials tell Al Mal. All households and businesses will face a price hike with the potential exception of businesses in the agriculture sector. Anyone else […]
Posted inSpeed Round
List of e-commerce no-nos issued as CBE orders aggregators and payment facilitators must offer guarantees to banks
REGULATION WATCH- Crypto is on the CBE’s list of online no-nos as the regulator orders aggregators and payment facilitators to off guarantees to banks. (Speed Round): Banks must hold guarantees from e-payment facilitators (or so-called PayFacs) and aggregators to ensure the two forms of intermediaries are able to cover 50% of the payments they collect […]
Posted inSpeed Round
CBE boss presents draft Banking Act to cabinet
LEGISLATION WATCH- Central Bank of Egypt Governor Tarek Amer presented to the Cabinet economic group yesterday an amended draft of the Banking Act, Al Mal reports. No further details were provided on the changes, but sources told the local press last month that a revised version of the bill would not include controversial term limits […]
Posted inSpeed Round
Government to collect VAT from download sites
EXCLUSIVE- Government to required download sites to charge and remit VAT: The Finance Ministry’s central value-added tax department is currently compiling a list of websites that charge for the download of books, movies, and songs, all of whom will be required to charge and remit VAT, VAT Department Head Sayed Saqr told Enterprise. The listing […]
Posted inSpeed Round
Canada’s Aton Resources looks to raise CAD 1.5 mn to fund gold exploration in Egypt
Canada’s Aton Resources looks to raise CAD 1.5 mn to fund gold exploration in Egypt: Egypt-focused Canadian miner Aton Resources is raising CAD 1.5 mn in a non-brokered private placement to fund exploration and development in its Abu Marawat concession in Egypt, according to a statement (pdf). The company is issuing 60 mn shares at […]
Posted inSpeed Round
S&P gives its two cents on Egypt’s post-IMF landscape during Q&A
EXCLUSIVE- S&P’s two cents on Egypt’s post-IMF landscape: Egypt has begun to see the “small green shoots of recovery” but serious risks remain to the government’s fiscal stability, Zahabia Gupta, S&P Global’s associate director of sovereign ratings, said during a Q&A with investors this week. The situation in Egypt is “gradually improving” as it approaches […]