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INVESTMENT WATCH- Flex Films to invest USD 200 mn in Egypt: Indian polymeric films manufacturer Flex Films will invest USD 200 mn in its Egypt subsidiary Flex P Films Egypt, Flex Chairman Ashok Chaturvedi reportedly said on Wednesday. The company will invest in its second plant in Egypt, he said, according to AMAY. The company […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt signs deal with Lazard to promote investment opportunities worldwide
INVESTMENT WATCH- Lazard wins mandate to promote Egyptian investment opportunities worldwide: Minister of Investment Sahar Nasr has signed an agreement with financial advisory firm Lazard to promote investment opportunities in Egypt worldwide, according to a cabinet statement. The pact was signed during the Davos forum and targets major investments that will create jobs and help […]
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Pyramids Poultry considers IPO
IPO WATCH- Is Pyramid Poultry playing hard to get? Pyramid Poultry is reportedly considering an IPO despite an active acquisition offer from agricultural commodity trader and manufacturer Cairo 3A, Pyramid Poultry head Anwar El Abd told local news sources. The acquisition by Cairo 3A is one of three options the company is considering, he said. […]
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Dice completes acquisition of remaining 5% stake in Alexandria Clothing
M&A WATCH- Dice completes acquisition of remaining 5% stake in Alexandria Clothing: Dice Sport and Casual Wear has completed the acquisition of the last 5% stake in Alexandria Clothing Company in a transaction worth EGP 2 mn, leaving Dice with 100% ownership of the company, according to an EGX disclosure (pdf). Dice had acquired 95% […]
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French President Emmanuel Macron arrives in Egypt today
France’s Macron is in town today: French President Emmanuel Macron arrives in Egypt today for talks with President Abdel Fattah El Sisi and other Egyptian officials. Macron will speak with El Sisi on issues including regional politics and economic cooperation. Macron is also facing pressure from some quarters to take a firmer stance on Egypt’s […]
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Egypt’s fuel subsidy bill falls 15% in 1H2018-19
State’s fuel subsidy bill falls 15% in 1H2018-19: Egypt’s fuel subsidy bill fell 14.7% y-o-y in 1H2018-19 to EGP 43.5 bn, Oil Minister Tarek El Molla told Reuters on Wednesday. Egypt is expecting to spend around EGP 90 bn in total on fuel subsidies in the fiscal year ending in June. Falling spending on fuel […]
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Egypt to begin selection process for eurobond advisors
EXCLUSIVE- FinMin to begin selection process for eurobond advisors: The Finance Ministry will begin reviewing this week bids submitted by investment banks seeking mandates as lead managers for Egypt’s upcoming eurobond issuance, a member of the committee overseeing the selection process tells Enterprise. The ministry has received offers from JPMorgan Chase & Co, National Bank […]
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Egypt’s GASC secures USD 1 bn from ITFC
Egypt’s wheat importer secures USD 1 bn in funding: State grain buyer GASC has secured USD 1 bn of a USD 3 bn funding agreement with the Islamic Trade Finance Corporation to fund purchases, a senior government source with direct knowledge of the matter told Reuters on Wednesday. “The loan can be renewed whenever the […]
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Egypt’s foreign debt obligations reached USD 92.6 bn at the end of FY17-18
Egypt’s foreign debt obligations reached USD 92.6 bn at the end of June 2018, or around 37% of GDP, up from USD 79 at the end of June 2017, according to the central bank’s December statistical bulletin report (pdf). The debt-to-GDP ratio at the end of FY2017-18 remained “within the safe limits according to international […]
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Egypt’s non-oil exports rise 10% y-o-y in 2018
Non-oil exports rose 10% y-o-y in 2018 to USD 24.8 bn, up from USD 22.6 bn in 2017, data from the General Organization for Export and Import Control (GOEIC) showed. Arab countries accounted for the lion’s share of Egypt’s exports during the year, followed by the European Union, the United States and Africa.