Author Archives: enterpriseam admin

** #6 Qalaa Holdings is in talks to increase its stake in the Egyptian Refining Company (ERC) through a capital increase, Managing Director Hisham El Khazindar said yesterday. The refinery is now 98% complete and is expected to be a major driver of revenue expansion starting next year. El Khazindar told Al Mal that trial […]

** #7 M&A WATCH- Five PE firms are kicking the tires of Spinney’s, the Abraaj-owned retailer: Abraaj Group-owned Spinney’s Egypt is reviewing offers from five unnamed private equity funds hoping to acquire stake in the company from Egyptian shareholders looking to exit their investments, CEO Mohanad Adly tells Al Mal. Talks are still in very […]

INVESTMENT WATCH- EKH breaks ground on EGP 2.1 bn fiberboard factory in Beni Suef: Egypt Kuwait Holding (EKH) has begun constructing a EGP 2.1 bn medium-density fiberboard (MDF) factory in Beni Suef, the company said in a statement to the EGX (pdf). The 30,000 sqm factory will be constructed over two phases, with the first […]

Pharos Holdings is looking to expand into fintech into 2019, eyes financial leasing: Our friends at Pharos Holding expect to launch a microfinance arm in 1Q2019 in, Managing Director Alaa Afifi said yesterday, saying the firm expects to hold a majority stake in the venture. The launch is part of the firm’s expansion plans, which […]

** #8 INVESTMENT WATCH- Cairo Angels has invested in co-working hub AlMaqarr, which will allow the company “to expand to new locations, enhance its operations, and provide more products and services to its fast growing base of customers,” according to a press release (pdf). The value of the transaction — which was part of an […]

REGULATION WATCH- Short-selling is coming at the end of September, Financial Regulatory Authority (FRA) deputy head Khaled El Nashar said yesterday, Al Mal reports. Negotiations are ongoing with various stakeholders to finetune the rules that will govern shorts, which El Nashar had previously said would be “strict,” ensuring that only brokerages with the balance sheet […]

Gov’t hints at willingness to settle on Union Fenosa arbitration ruling: It is the general policy of the government, and the Oil Ministry specifically, to seek a settlement in international arbitration cases, an Oil Ministry source told Al Mal. His statements are the first we’ve heard since news broke that the World Bank’s International Centre […]

Did the gov’t sign fuel hedging contracts with JP Morgan and Citi? The Egyptian government reportedly signed fuel hedging contracts with two international banks,a senior official told Reuters’ Arabic service yesterday. Other sources speaking to the local press say that the firms were JP Morgan and Citibank. While the source said that the effective date […]

MOVES- Former FRA boss, BP’s regional boss join Orange Egypt BoD: Orange Egypt appointed former Financial Regulatory Authority head Sherif Samy and BP North Africa President Hesham Mekawi as independent board members, according to Youm7. Both appointments were made last July, according to Orange’s website.

Police apprehend alleged terrorist near US embassy: Police arrested yesterday a 24-year-old man (pdf) carrying what investigators believe was a homemade bomb that caught fire in the vicinity of the US embassy in Cairo. The man was allegedly intending to “commit an act of aggression.” There was no damage and no casualties reported. The US […]