Author Archives: enterpriseam admin

**#1 Egypt could tap global debt market with USD 5 bn bond issue in 2019: Is Egypt’s economy resilient enough in the face of the EM apocalypse to go back to the debt market? Yes, said Finance Minister Mohamed Maait at a luncheon yesterday hosted by AmCham. Egypt’s economy is proving “resilient” in the face […]

NI Capital looking for bankers to lead ACCH stake sale: State-owned investment bank NI Capital issued a tender yesterday that will see it hire a manager for the sale of additional stake from the Alexandria Containers & Cargo Handling (ACCH) on the EGX this year, the bank’s CEO Ashraf Ghazaly said, Youm7 reports. He did […]

**#3 Food for thought: Could the central bank let the EGP slip a bit against the USD? Against the backdrop of the Emerging Markets Zombie Apocalypse, a research report this week from Shuaa Securities’ Egypt office sees two possible scenarios when the central bank’s monetary policy committee meets a week from today: Hike interest rates […]

**#4 M&A WATCH- B Investments acquires majority stake in Gourmet in EGP 125 mn transaction: Private equity firm B Investments announced yesterday that it has acquired a majority stake in Gourmet in an EGP 125 mn transaction that saw it acquire a 40% stake from Wadi Degla at a cost of EGP 65 mn and […]

**#5 Compass has completed an EGP 380 mn capital increase for its portfolio company Bonyan for Development and Trade, bringing the real estate play’s capital to EGP 654 mn, according to a company press release (pdf). Compass subsidiary Sky Realty Holding, which had acquired Bonyan from Qalaa Holdings in July, subscribed to the full capital […]

**#6 Vezeeta raises USD 12 mn in Series C funding: Online medical bookings platform Vezeeta announced yesterday that it closed a UAS 12 mn series ‘C’ fundraising round led by Saudi Telecom’s venture capital arm, STV, according to a company press release (pdf). Existing investors including the UAE’s BECO Capital, Vostok New Ventures, and Silicon […]

Algebra Ventures is looking to raise USD 10 mn before the end of this year, founding partner Ziad Mokhtar said, according to Al Mal, suggesting that the International Finance Corporation and the European Bank for Reconstruction and Development may be interested. The firm would look to deploy the funding through 2020, investing in 20-25 companies […]

Court pushes reset button on Ibsina antitrust case: An Egyptian court decided yesterday to restart legal proceedings on Ibnsina’s appeal of antitrust sanctions in a case brought by the Egyptian Competition Authority. The case was booked for a hearing on 19 November, Ibnsina said in a disclosure yesterday (pdf). In March, the court had ruled […]

New capital talks stumble on stake split? The New Administrative Capital Company (NACC) and China Fortune Land Development Company (CFLD) are deadlocked on how to go forward with a 14k-feddan city planned for Egypt’s new administrative capital. At the heart of the issue: The Chinese developer wants to a larger-than-initially-agreed stake, NACC Chairman Ahmed Zaki […]

**#7 Egypt, Cyprus sign agreement on USD 1 bn gas pipeline: Oil Minister Tarek El Molla signed an agreement yesterday with Cypriot Energy Minister Yiorgos Lakkotrypis that will see the two countries collaborate to establish a direct underwater pipeline connecting Cyprus’ Aphrodite natural gas field to liquefaction plants in Egypt, according to an Oil Ministry […]