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Author Archives: enterpriseam admin
Posted inSpeed Round
Euroclear is looking to tap domestic banks to help settle government debt
EXCLUSIVE- Euroclear is looking to tap domestic banks to help settle government debt: Belgium-based clearinghouse Euroclear is to select a number of local banks from among primary dealers to assist in the settlement of government debt, a senior government official told Enterprise. Chosen banks will be among those with the highest holdings of government debt […]
Posted inSpeed Round
ADIB Capital to manage Egypt’s first sukuk issuance
ADIB Capital to manage the Egypt’s first corporate sukuk issuance: ADIB Capital, the investment banking arm of Abu Dhabi Islamic Bank, will managing a USD 50 mn sukuk issuance that it claims is the first to come out of the nation’s corporate sector, unidentified sources told Hapi Journal. Hapi says its sources declined to disclose […]
Posted inSpeed Round
Government to decide on new electricity rates by May-end
Government to decide on new electricity rates by the end of May: The Egyptian Electrical Utility and Consumer Protection Regulatory Agency (Egyptera) has completed scenario planning for a hike in residential electricity prices expected by the start of the government’s next fiscal year starting in July, the local press reports. Cabinet is expected to sign […]
Posted inSpeed Round
Egypt’s cabinet greenlights Mineral Resources Act amendments
LEGISLATION WATCH- Cabinet greenlights amendments to Mineral Resources Act: The Madbouly Cabinet has approved amendments to the Mineral Resources Act and will send the draft bill to the House of Representatives today, a source from the Oil Ministry told the local press. The proposed amendments will have to make it through House committee-level approval and […]
Posted inSpeed Round
S&P sees strong growth prospects in Egypt
S&P sees strong growth prospects in Egypt: Egypt’s economy is expected to expand by 5.3% in real terms in the current state fiscal year, ratings agency Standard & Poor’s said in a report. S&P’s outlook for the Egyptian economy remains stable, predicting the economy will continue to grow at a 5.5% clip over the next […]
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Egyptian arbitration experts survey disputed Uptown Cairo land
DISPUTE WATCH- Arbitrators oversee survey of disputed Uptown Cairo land: Experts from the Cairo Regional Centre for International Commercial Arbitration (CRCICA) last Tuesday oversaw a land survey of Emaar Misr’s Uptown Cairo project as part of an ongoing dispute with state-owned El Nasr Housing, government sources told Al Shorouk. The surveyors are expected to compile […]
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RX Healthcare Fund to finalize Al Mottahedoon Pharma acquisition next week
M&A WATCH- RX Healthcare Fund to finalize Al Mottahedoon Pharma acquisition next week: EFG Hermes’ RX Healthcare Fund is expected to finalize its acquisition of 80% of meds producer Al Mottahedoon by the end of next week, according to a local press report. Look for a ticket size in the EGP 360 mn range, the […]
Posted inSpeed Round
Odiggo receives USD 180k Saudi investment
INVESTMENT WATCH- Odiggo receives USD 180k Saudi investment: Egyptian e-commerce platform Odiggo has received USD 180k of investment from an unnamed Saudi investor, taking the value of the company to USD 1.25 mn, according to an emailed statement (pdf). Odiggo connects customers to Egyptian car parts suppliers and service providers.
Posted inSpeed Round
Earnings watch: Ibnsina Pharma, Amer Group, ODE
EARNINGS WATCH- Ibnsina Pharma 1Q2019 profits surge 46.6% y-o-y on rapid business growth: Medical products distribution company Ibnsina Pharma reported net profits of EGP 41 mn in 1Q2019 compared to EGP 28 mn a year earlier, a 46.6% y-o-y increase, the company said in a statement (pdf). Quarterly gross revenues jumped 29.3% y-o-y to EGP […]