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Everything you need to know about the Finance Ministry’s epic presser yesterday — and there is a lot. Foreign holdings in Egyptian treasuries stood at USD 13.1 bn by end-January, Finance Minister Mohamed Maait and Vice Minister of Finance Ahmed Kouchouk said during a press conference held yesterday. January alone saw inflows of USD 900 […]
Author Archives: enterpriseam admin
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Egypt’s FX reserves reach USD 42.616 bn at end-January
Egypt’s net foreign reserves were essentially stable at USD 42.616 bn at the end of January compared to USD 42.551 bn the previous month, the central bank announced on Tuesday. This came after reserves fell in December for the first time since the currency float, coming at USD 42.551 bn from USD 44.513 bn at […]
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External debt growth slows in 1Q2018-19: Central Bank of Egypt
External debt growth slows in 1Q2018-19, CBE says: Egypt’s external debt grew to USD 93.1 bn in 1Q2018-19, growing rising at a 0.5% clip, compared to a 4.8% q-o-q rate in the previous quarter, according to the CBE’s monthly statistical bulletin (pdf). Gross domestic debt rose to EGP 3.887 tn in 1Q2018-19 from EGP 3.696 […]
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EGX comes out on top in January, beating MSCI EM and MSCI FM indices
Egypt was the top-performing MENA market in January, beating the MSCI EM and MSCI FM indices, Shuaa Securities say in their monthly briefing. The EGX 30 gained 10% in USD terms, beating Saudi Arabia and the MSCI EM which both rose 9%. Telecoms led the charge, rebounding from being the worst-performing sector in 2018 to […]
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Veon looks to buy out Global Telecom
M&A WATCH- Veon looks take Global Telecom private at EGP 5.30 per share: Global Telecom Holding’s (GTH) majority shareholder Veon has unveiled plans to buy out the remaining 42.3% of the company for EGP 5.30 per share, the company said in an EGX disclosure (pdf). The Dutch company intends to submit a mandatory cash tender […]
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LafargeHolcim considers “strategic options” for Mideast operations, including in Egypt
M&A WATCH- LafargeHolcim considers “strategic options” for its Middle East operations, including in Egypt: Some 2,500 Egyptian workers and professionals employed by Swiss cement giant LafargeHolcim could be getting a new corporate parent as the company considers a sale of all or some of its assets in the Middle East, sources close to the matter […]
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Parliament approves Egypt’s new bank tax treatment
LEGISLATION WATCH- House approves new bank tax treatment: The House of Representatives’ general assembly approved yesterday proposed amendments to the Income Tax Act that would change how banks and corporations account for income from investments in government debt, according to state news agency MENA. The measure will require banks and companies alike to separately account […]
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Egypt’s natgas regulator to begin issuing licenses to private sector
Natgas regulator to begin issuing licenses to private sector: The Natural Gas Regulatory Authority will reportedly begin issuing this month private sector gas import and distribution licenses, almost a year after it said it’s open for requests, a source from the Oil Ministry said, according to Al Shorouk. Licenses will come at a cost of […]
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House’s general assembly gives nod to constitutional amendments
LEGISLATION WATCH- Proposed constitutional amendments are sent to committee for discussion: The House of Representatives’ general committee, which is comprised of the House speaker and heads of committees, has agreed to formally send proposed constitutional amendments to committee for discussion, according to a statement yesterday carried by Al Shorouk. The amendments, which still need to […]
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Earnings Watch: Juhayna net profits rise 4% in 4Q2018 y-o-y
EARNINGS WATCH- Juhayna net profits rise 4% in 4Q2018 y-o-y: Juhayna Food Industries’ net profits rose 4% y-o-y in 4Q2018 to EGP 49 mn, the company said in an EGX disclosure. Quarterly revenues rose 13% y-o-y to EGP 1.71 bn, bringing the company’s total revenue for 2018 to EGP 7.1 bn, a 17% increase from […]