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The Supply Ministry reached an agreement with sugar beet producers to set the price of beet sugar for the current season at EGP 7,500 per tonne, according to Al Mal.
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Emisal Salts to build EGP 150 mn medical salt factory
Emisal Salts is establishing a medical salts factory at a cost of EGP 150 mn, Chairman Atef El Kordy tells Al Mal. The factory’s expected output is 15k tonnes per year, which will be earmarked for local consumption. Egypt currently imports 25k tonnes of medical salts per year.
Posted inBasic Materials + Commodities
GASC agrees to purchase 60k tonnes of wheat at USD 221 per tonne
State grain purchaser GASC concluded its wheat tender yesterday, receiving the lowest offer from Cargill of USD 221 per tonne for 60k tonnes of US soft red wheat, reports Reuters. GASC had announced it would be reverting to a delayed payment schedule, which led to an increase of USD 4 - 4.5 per tonne for […]
Posted inReal Estate + Housing
MNHD approves Minka Real Estate Investment offer for land plot in Taj City
Madinet Nasr Housing and Development’s (MNHD) board of directors approved on Monday an offer from Minka Real Estate Investment to purchase a 3,360 sqm piece of non-residential land in MNHD’s Taj City project for a total of EGP 184.8 mn, MNHD said in a statement (pdf). The plot is in the first phase of Taj […]
Posted inReal Estate + Housing
Talaat Moustafa Group Holding in talks with Saudi Arabia over residential project
Talaat Moustafa Group (TMG) is in talks with the Saudi Housing Ministry over developing a residential project in the kingdom, CEO Hisham Talaat Mostafa said on Monday, according to Mubasher. No further details about the project were revealed. TMG had signed a number of cooperation agreements with the kingdom back in 2016 to build housing […]
Posted inTelecoms + ICT
Balances in e-wallets to become interest bearing?
The Central Bank of Egypt (CBE) is mulling whether interest should be paid on funds left in e-wallets to give users incentives to activate dormant accounts as part of the country’s financial inclusion drive, sources tell Al Mal. The CBE is also almost done with new regulations for the e-wallets, which will allow mobile lending […]
Posted inBanking + Finance
GTH board approves rescheduling of USD 100 mn loan from majority shareholder
Global Telecom Holding’s (GTH) board of directors has approved a three-month extension on the maturity of a USD 100 mn revolving credit facility from majority shareholder Veon Holdings, according to an EGX disclosure (pdf). The debt was originally due to be settled on 31 May. GTH said earlier this week it had postponed to 26 […]
Posted inOther Business News of Note
House approves gov’t budget account for 2017-18
The House of Representatives has given its final nod to a government-proposed draft bill that finalizes the results of its FY 2017-18 budget, Al Ahram reported. The legislation puts expenses at EGP 1.244 tn, revenues at EGP 821 bn and loans at EGP 700 bn. Final results also show the government spent EGP 240 on […]
Posted inOther Business News of Note
E-finance to increase capital ahead of planned IPO
State-run electronic payments company e-finance will increase its capital to EGP 1.5 bn ahead of its planned IPO this year, according to Chairman Ibrahim Sarhan, Al Mal reports.
Posted inEgypt Politics + Economics
Parliament wants to survey state-owned companies’ assets
The House of Representatives’ economic and industry committees have submitted a formal request to the Public Enterprises Ministry to set up a specialized committee to survey and value state-owned companies’ assets, according to the local press. House reps are looking to have these assets dealt with in a similar way to those under the planned […]