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The General Authority for Supply Commodities (GASC) purchased yesterday a total of 420k tonnes of wheat in two international tenders issued on Monday, according to Reuters’ Arabic service. Traders tell Reuters that the lowest offer GASC received in the tenders was USD 230.99 per tonne FOB for the shipment due in September from Romanian trading […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
Obour Land applies for EGP 400 mn capital increase
Obour Land has submitted a request to the Financial Regulatory Authority (FRA) to increase its issued capital to EGP 400 mn from EGP 200 mn, according to an EGX filing (pdf).
Posted inOther Business News of Note
MAF contracted to develop retail outlets for NUCA’s new urban centers
Majid Al Futtaim (MAF) Group signed an agreement on Tuesday with the New Urban Communities Authority (NUCA), which would see it build and operate retail outlets across the new cities that NUCA is building, according to a press release from the Madbouly Cabinet. No further details were provided on the size and scope of the […]
Posted inLegislation + Policy
FRA to require credit inquiry from margin traders ahead of 4Q2018 trading season
The Financial Regulatory Authority (FRA) will reportedly force margin traders to perform credit inquiries at I-Score before they start to trade in 4Q2018, sources with knowledge of the matter tell Amwal Al Ghad. The move comes as part of the FRA’s drive to boost capital market transparency. The move is thelatest in a series of […]
Posted inLaw
Matouk Bassiouny advises DPI in its partnership with GB Auto on Mashroey and Tasaheel
Matouk Bassiouny was the legal counsel to Africa-focused private equity firm Development Partners International in its transaction to acquire a 25% stake in GB Auto subsidiaries Mashroey and Tasaheel.
Posted inNational Security
Egypt looks to Germany to purchase frigates
Egypt is considering purchasing two Meko A200 frigates from Germany’s ThyssenKrupp Marine Systems (TKMS) as discussions with France’s Naval Group on the acquisition of further Gowind corvettes grinds to a halt over cost concerns, according to a widely cited piece from France’s La Tribune. The German government is reportedly looking to sweeten the transaction by […]
Posted inON YOUR WAY OUT
Humans of New York is coming to Cairo
Humans of New York is coming to Cairo: If you’re among the few people who won’t be fleeing Cairo for the Eid Al Adha vacation, be on the lookout for Brandon Stanton, the photographer/writer behind photoblog Humans of New York. Stanton, who frequently gathers stories from cities outside his native New York, announced he will […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.84 | Sell 17.94 EGP / USD at CIB: Buy 17.83 | Sell 17.93 EGP / USD at NBE: Buy 17.78 | Sell 17.88 EGX30 (Tuesday): 15,357 (-1.1%) Turnover: EGP 717 mn (17% below the 90-day average) EGX 30 year-to-date: +2.2% THE MARKET ON TUESDAY: The EGX30 ended […]
Posted inCALENDAR
16 August (Thursday): CBE’s Monetary Policy Committee meeting. 21-25 August (Tuesday-Saturday): Eid Al Adha (TBC), national holiday. 28-29 August (Tuesday-Wednesday): CI Capital’s 5th Annual Egypt Equities Conference, Cape Town, South Africa. 04-05 September (Tuesday-Wednesday): Euromoney Egypt Conference 2018, Cairo. 10-13 September (Monday-Thursday): EFG Hermes’ 8th Annual London Conference, Emirates Arsenal Stadium, London. 11 September (Tuesday): […]
Posted inWhat We're Tracking Today
What we’re tracking on 14 August 2018
We’re really feeling the summer dearth of stories, and to be honest, it feels like Sahel. The CBE’s Monetary Policy Committee (MPC) is widely expected to keep interest rates on hold when it meets this Thursday. Analysts’ expectations that interest rates will remain unchanged comes despite inflation cooling in July to 13.5% after surging in […]