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Vodafone Egypt will pay Telecom Egypt dividends worth some EGP 5.5 bn in two installments, Telecom Egypt said in a statement (pdf). The first EGP 4.8 bn tranche is planned in March, with the balance due in June 2020. “Telecom Egypt plans to utilize the cash inflow to deleverage closing all the facilities in EGP […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Final contracts for Egypt’s Hamrawein coal project to be signed mid-2019
Final contracts for Hamrawein ‘clean coal’ project to be signed mid-2019: The Chinese company constructing the 6 GW Hamrawein ‘clean coal’ power plant aims to sign final contracts with Egypt by mid-2019, said Han Bing, minister-counsellor for commercial Affairs at the Chinese embassy in Cairo. Bing said negotiations between the two sides in regards to […]
Posted inSpeed Round
Arqaam, Exotix see further interest rate cuts in 2019, but keep your eye on the FX rate
Arqaam, Exotix see further interest rate cuts in 2019: Analysts are not making the rounds unpacking the central bank’s surprise 100 bps cut to interest rates last week, which defied the predictions of most analysts who believed the bank would hold off on further easing. Arqaam sees another 300-400 bps in cuts through year’s end, […]
Posted inSpeed Round
Algebra on board to make further investments in GoodsMart
INVESTMENT WATCH- Household shopping service GoodsMart has secured additional funding from Algebra Ventures: Our friends at Algebra Ventures have made an additional commitment to MENA unattended delivery pioneer GoodsMart, according to a press release (pdf). The news comes as GoodsMart prepares to raise a series ‘B’ funding round. Algebra previously invested USD 750k during the […]
Posted inSpeed Round
AIND agrees to UE Finance buyout
M&A WATCH- AIND agrees to buyout UE Finance: Arabia Investment, Development and Financial Investment Holding Company (AIND) has agreed to purchase Incolease’s 20% stake in UE Finance and take full ownership of the company, the company said in an EGX disclosure (pdf). AIND has agreed on a fair value assessment produced by financial consultancy firm […]
Posted inSpeed Round
ICMI looking to expand amid EGX listing plans
M&A WATCH- Healthcare outfit ICMI to increase stake in two companies as it eyes EGX listing: The International Company For Medical Industries (ICMI) aims to increase its stake in New Alfa and Alfa Medical, in which it currently owns 5% and 48% respectively, ahead of a potential listing on the Egyptian Exchange, CEO Hisham Saber […]
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UAE’s ENOC to launch Egypt-based facility to produce lubricating oil
INVESTMENT WATCH- UAE oil company ENOC has signed a JV agreement with Proserv Egypt to set up ENOC Misr, its first Egypt-based facility to produce high-tier lubricants, Al Mal reports. The JV will market and distribute ENOC lubricants in Egypt. ENOC signed last year an agreement with EGPC to market and distribute jet fuel here. […]
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Egypt’s oil ministry is talking up Red Sea natgas prospects ahead of new contract terms, E&P bid round
The oil ministry is talking up Red Sea natgas prospects ahead of new contract terms, E&P bid round: Data from oilfield services company Schlumberger’s seismic mapping of energy and mineral resources in the Red Sea how areas with a 70% chance of making natural gas discoveries, a source from the sector said. Schlumberger’s data found […]
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Egypt’s MNHD reports a net profit of EGP 1.1 bn in 2018
EARNINGS WATCH- MNHD reports a net profit of EGP 1.11 bn in 2018: Madinet Nasr Housing & Development (MNHD) reported a consolidated net profit after tax of EGP 1.11 bn in 2018, up 19% y-o-y from EGP 933.1 mn in 2017, according to the company’s earnings release (pdf). Consolidated revenues were up to EGP 2.78 […]
Posted inSpeed Round
GB Auto to push efficiency as theme for 2019
GB Auto pushes efficiency, guides for top- and bottom-line growth in 2019. “Our main theme this year is efficiency, as we are focused on the increase of revenues and profitability while maintaining a healthy level of net working capital across all auto and auto business lines,” GB Auto board member Mansour Kabbani told investors during […]