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Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Abbasiya Cathedral’s 50-year anniversary leads coverage on the airwaves
The Abbasiya Cathedral’s golden jubilee celebration was a hot topic for the talking heads on an evening devoid of any real business news of note (Lamees, Lamees, wherefore art thou, Lamees?) The cathedral has been undergoing renovations for over three years in preparation for the 50-year anniversary celebration, Father Sergius Sergius said on Hona Al […]
Posted inSpeed Round
Egypt’s Eastern Tobacco stake sale is “in the offing” as share price recovers
IPO WATCH- Eastern Tobacco stake sale is “in the offing” as share price recovers: The sale by the state of an additional 4.5% stake in the Eastern Tobacco Company on the EGX is “in the offing,” Public Enterprises Minister Hisham Tawfik said yesterday, according to Al Mal. Tawfik did not disclose any further details, but […]
Posted inSpeed Round
Expat remittances rise USD 20.4% y-o-y in September
Remittances to Egypt by citizens working abroad rose 20.4% y-o-y in September to USD 1.8 bn, up from USD 1.5 bn in September 2017, according to a central bank statement (pdf). This puts the remittances figure for 1Q2018-19 at USD 5.9 bn, up 1.5% from USD 5.8 bn in 1Q2017-18.
Posted inSpeed Round
Egypt’s Pioneers Holding to acquire 100% of Electro Cable
M&A WATCH- Pioneers Holding to seek 100% of Electro Cable Egypt: Pioneers Holding is looking to acquire 100% of Electro Cable Egypt, valued at EGP 711.5 mn, according to an EGX disclosure (pdf). Pioneers, which already owns 48.5% of Electro Cable through its subsidiary Summu Consulting, plans to go ahead with a mandatory tender offer at EGP […]
Posted inSpeed Round
Mineral Resources Act sent to House for review
LEGISLATION WATCH- Amendments to Mineral Resources Act sent to House: The government has sent long-awaited draft amendments to the Mineral Resources Act to the House of Representatives for review, Oil Minister Tarek El Molla said. El Molla reiterated that the amendments were made primarily to draw investments in the flagging mining sector, which holds world-class […]
Posted inSpeed Round
Amendments to NGOs Act to be drafted within a month
LEGISLATION WATCH- Amendments to controversial NGOs Act to be ready for public review within a month: The Social Solidarity Ministry-led committee tasked with amending the NGOs Act is expected to finish a draft of the amendments for Cabinet approval in one month’s time, Prime Minister Moustafa Madbouly said, according to Al Ahram. Proposed amendments to […]
Posted inSpeed Round
Opportunities in education and health were the highlights of last week’s M&A conference
M&A WATCH- Among the highlights from last week’s M&A conference, for those of you who were unable to attend: HC Securities is in the final stages of advisory on two acquisitions in the GCC worth a combined EGP 1.4 bn, the firm’s chairman, Hussein Choucri, told us on the sidelines of the first Egypt M&A […]
Posted inSpeed Round
Moves: Compass appoints Tarek Rahman as managing director
MOVES- Private equity firm Compass has appointed Tarek Abdel Rahman (LinkedIn) as managing partner, according to a press release. Abdel Rahman served for five years as co-CEO of Palm Hills Developments, which he joined after a 15-year run as an investment banker with Citi and Beltone. Prior to joining PHD, Abdel Rahman was co-founder and […]
Posted inSpeed Round
Heliopolis Housing profit and revenue drop as sales plummet
EARNINGS WATCH- Real estate company Heliopolis Housing’s net profit was down 88.6% in 1Q2018-2019 to EGP 8.7 mn from EGP 76.9 mn in the same quarter last year, it said in a statement on the EGX (pdf). The company’s revenues declined 10% to EGP 193.8 mn in the same period.