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Egypt and Vietnam signed a number of MoUs yesterday with the aim of bringing bilateral trade to a combined USD 1 bn per year, according to an Ittihadiya statement. The agreements — which cover fields including oil, finance, investment, exports, as well as agriculture — were signed during Vietnamese President Tran Dai Quang visit to […]
Author Archives: enterpriseam admin
Posted inEnergy
TAQA Arabia, Hassan Allam break ground on EGP 1.35 bn solar plant in Benban complex
Qalaa Holdings subsidiary TAQA Arabia and Hassan Allam Holding have begun constructing their EGP 1.35 bn, 50 MW solar power plant in Aswan’s Benban complex, Qalaa said in a statement to the EGX (pdf). The project is being finance by five international institutions, including the International Finance Corporation, according to the statement. The power plant […]
Posted inInfrastructure
Al Nasr Contracting to complete EGP 1 bn projects in East Port Said by year’s end
Al Nasr Contracting expects to complete and hand over EGP 1 bn worth of projects at the East Port Said Port before the year is out, a company official said, according to Al Mal. The projects include a EGP 475 mn platform for commercial use and another EGP 449 mn platform for the Egyptian naval […]
Posted inBasic Materials + Commodities
GASC issues tender for unspecified amount of wheat for October delivery
The General Authority for Supply Commodities (GASC) issued an international tender yesterday for an unspecified amount of wheat, to be shipped between 11-20 October, Vice Chairman Ahmed Yousuf tells Reuters’ Arabic service. The tender results are expected to be announced later today.
Posted inBasic Materials + Commodities
Gov’t reimposes tariffs on scrap plastic exports
Trade Minister Amr Nassar issued a decision yesterday reimposing a EGP 5,000 tariff on every tonne of exported scrap plastic for an additional year, according to local media reports. The decision aims to curb raw material exports to avoid shortages.
Posted inReal Estate + Housing
Manazel Egypt signs EGP 228 mn contract for development work on Sabbour’s Layan project
Manazel Egypt, a subsidiary of Kuwait’s Manazel Holding, signed a EGP 228 mn contract with Landmark Sabbour to develop a 53k sqm area in the latter’s Layan Compound, Manazel said in a statement to Boursa Kuwait.
Posted inBanking + Finance
Banque Misr intends to borrow USD 750 mn by end of FY2018-19
Banque Misr is in talks with international banks and financial institutions to borrow up to USD 750 mn by the end of this fiscal year, Banque Misr Deputy Chairman Akef Maghraby said, Reuters’ Arabic service reports. As of last May, the bank’s overseas loans portfolio reached USD 4.16 bn.
Posted inOther Business News of Note
CIB’s board approves capital increase through bonus shares
CIB’s board of directors approved on Sunday increasing the bank’s issued capital by EGP 2.98 bn to EGP 14.58 bn through a 1-for-4 bonus share issue, according to a company disclosure to the EGX (pdf). The increase will be funded through the bank’s reserves, and is still pending necessary approvals.
Posted inOther Business News of Note
AIND files request to FRA for capital reduction
Arabia Investment and Development Holding’s (AIND) board of directors submitted a request to the Financial Regulatory Authority for a capital reduction to EGP 144 mn from EGP 480 mn. The company’s board of directors approved last week a decision to reduce both issued and authorized capital by EGP 336 mn to EGP 144.2 mn, and […]
Posted inOther Business News of Note
Samcrete general assembly approves voluntary delisting
Construction firm Samcrete Egypt’s general assembly has approved voluntary delisting from the EGX, after failing to meet amended EGX listing requirements, reports Youm7. The EGX had given companies until the end of 2019 to meet the new requirements before facing mandatory delisting. Samcrete announced in July its plans to voluntarily delist and float shares again […]