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M&A WATCH- Uber is acquiring Careem in a USD 3.1 bn transaction, making Careem the MENA region’s most valuable ‘unicorn’ ever: Ride-hailing companies Uber and Careem have reached an agreement that will see Uber acquire its regional rival for USD 3.1 bn, a joint statement said (pdf). The transaction is expected to close in 1Q2020, […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Delek and its partners want to export even more gas to Egypt
Delek and its partners want to export even more gas to Egypt: Executives from Israel’s Delek Drilling is in talks to sell even more natural gas to Egypt beyond the USD 15 bn agreement signed last year with Alaa Arafa-led Dolphinus Holding, according to Bloomberg. Under the agreement, Delek and its partner Noble Energy should […]
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Egypt puts eased rules for energy companies to use their production share from new Red Sea concessions
Companies awarded concessions in Red Sea bid round can sell at home or abroad: The South Valley Egyptian Petroleum Holding Company (Ganope) will allow companies awarded concessions in the ongoing Red Sea bid round to decide what to do with their share of output, Al Shorouk reports. Companies looking to sell natural gas to third […]
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Egyptian electricity to flow into Syria, Iraq in the near future
Egypt to export power to Syria, Iraq in the near future: The Electricity Ministry has confirmed plans to export electricity to Syria through Jordan and is also looking at growing electricity sales to Iraq, unnamed government sources told the local press. The plans will proceed after the government extends the capacity of our existing link […]
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Could Egypt see a return to corporate bonds?
Is Egypt about to see its first corporate bond issuance in nearly a decade? Mansour Amer’s Porto Group has appointed consumer- and structured-finance player Sarwa Capital to study a potential bond or other debt issuance, Porto Group said in a disclosure to the EGX (pdf). The disclosure does not offer further details on the issuance […]
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Gaming startup GBarena raises seed investment from HIMAngel
INVESTMENT WATCH- Gaming startup GBarena raises seed investment: Cairo-based e-sports and gaming startup GBarena has raised seed investment from angel investment fund HIMAngel, the company said in a statement, without saying how much it raised or revealing size of the ongoing round. GBarena provides a platform that allows tournament organizers to create, publish and manage […]
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Egypt’s FRA to amend real estate fund regulations under Capital Markets Act
REGULATION WATCH- FRA to require periodical appraisals for real estate funds under Capital Markets Act: The Financial Regulatory Authority (FRA) has finalized potential changes to how real estate funds are regulated by the Capital Markets Act that would require fund managers to periodically appraise their portfolios, according to a statement (pdf). The amendments would, if […]
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FRA to issue futures exchange licenses
Market regulator to be in charge of issuing licenses for futures exchange: The Financial Regulatory Authority’s (FRA) board gave the market regulator the authority to issue licenses for futures exchanges, according to a statement (pdf). Companies that want to operate futures exchanges will need at least EGP 20 mn or equivalent of paid-in capital. At […]
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FRA signals new protections coming for minority shareholders
FRA signals new protections coming for minority shareholders: The Financial Regulatory Authority (FRA) has reportedly signed off on a regulatory change that aims to protect the rights of minority shareholders when companies list and delist shares on the EGX, Al Masry Al Youm reports. The changes zero in on conflicts of interest and allow the […]
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ACA, Interior Ministry arrests 23 for illegal currency trading
Message to folks speculating on the EGP: The Administrative Control Authority and Interior Ministry have arrested 23 people accused of illegal trade in foreign currencies, Ahram Online reports.