Author Archives: enterpriseam admin

**#8 Tourism Ministry confirms JWT is out, Synergy-MCN in: The Tourism Ministry confirmed on Monday that it has chosen a consortium made up of Synergy (a subsidiary of Egyptian Media Group) and Middle East Communications Network (MCN) to run Egypt’s tourism promotion campaign abroad. Details of the agreement will be announced early next month, said […]

**#4 M&A WATCH- Potential Uber, Careem merger could be worth USD 2.5 bn: Uber is indeed in talks to acquire its Middle East ride-hailing rival Careem in a transaction expected to be worth as much as USD 2-2.5 bn, people familiar with the matter told Bloomberg. Negotiations are ongoing and no final decisions have been […]

EXCLUSIVE- Mowasalat Misr plans IPO in late 2019 or early 2020: Private transport company Mowasalat Misr plans to list shares in the EGX either in 4Q2019 or early 2020, a company source told Enterprise. Prior to the IPO, the Emirates National Group subsidiary plans to raise EGP 244 mn through a capital increase and an […]

IPO WATCH- Five state companies to tap capital markets by year’s end, offerings to be priced within 10% of market: The offer price for the five state-owned companies that will sell additional stakes on the EGX over the coming three months will be set within 10% of the trailing market average, Public Enterprises Minister Hisham […]

**#6 REGULATION WATCH- FRA, EGX put in less sensitive circuit breakers, move to shorter cooling-off period: The new rules, agreed to yesterday by the EGX and the Financial Regulatory Authority (FRA), according to a statement picked up by El Watan, would also allow all shares to trade up or down 10% within the day’s trading […]

FinMin to issue global tender for new electronic billing system: The Finance Ministry intends to issue a global tender to select a company to implements its new electronic billing system once the House of Representatives signs off on the new E-Payments Act, Minister Mohamed Maait said at a news conference yesterday, Al Mal reports. The […]

SODIC announced yesterday that it was awarded am EGP 14.2 bn 500-acre plot in Sheikh Zayed, enough to develop as many as 5k residential units, according to a company statement (pdf). SODIC is paying the New and Urban Communities Authority (NUCA) EGP 2.2k per sqm in installments over 11 years. Some EGP 8.5 bn of […]

**#5 M&A WATCH- A15 completes sale of 76% stake in TPAY to Helios Investment: Tech investment fund A15 announced yesterday it has sold a 76% stake in its UAE-based mobile payment platform TPAY Mobile to private equity firm Helios Investment Partners. The transaction makes A15 the first in the region to achieve full returns on […]

EARNINGS WATCH- Maridive, the Cairo-headquartered provider of offshore marine and oil support services, released yesterday further details (pdf) of its 1H2018 financial and operational performance, including a 12% y-o-y increase in revenues to USD 113 mn “driven by a recovery in the industry as oil prices start to stabilize at a new norm.” This helped […]