Author Archives: enterpriseam admin

EXCLUSIVE- Sarwa Capital to list up to 40% of shares in September: Our friends at Sarwa Capital say that they will list 30-40% of their shares on the EGX in September, a source close to the transaction told Enterprise last week. 80% of the shares that will list will be offered to international institutions. The […]

CIHC hopes to raise over EGP 3 bn from sale of stake in Eastern Company, Abu Qir Fertilizers: The Chemical Industries Holding Company (CIHC) is hoping to raise more than EGP 3 bn from the sale of stakes in Eastern Company and Abu Qir Fertilizers on the EGX later this year, CIHC Chairman Emad El […]

REGULATION WATCH- Listed companies can now split their stocks more than once a year under new simplified procedures: The EGX’s board of directors approved a decision last week that allows listed companies to split their stocks as many times a year as they want, as opposed to only once previously, the bourse said in a […]

REGULATION WATCH- FRA creates registry for financial advisory firms: The Financial Regulatory Authority (FRA) issued a decision Thursday ordering the establishment of a registry for research houses that conduct financial valuations and fair value studies, FRA Chairman Mohamed Omran said in a Thursday press release picked up by Al Mal. Under the new regulations, companies […]

INVESTMENT WATCH- Jade Apparel to build USD 50 mn factory in Ismailia Freezone: The US-based Jade Apparel is planning to build a USD 50 mn clothing factory in the Ismailia Freezone, unnamed sources tell Al Mal. The factory is slated to start producing ready-made garments and textiles by the start of 2019, with 100% of […]

ING Groep suspends credit for Egypt wheat shipments in latest wheat drama: Egypt is at risk of attracting fewer numbers of offers in its wheat tenders after Dutch lender ING Groep reportedly decided to “suspend lending for wheat shipments sold to [Egypt’s] state-run buyer,” sources familiar with the matter told Bloomberg. The decision was the […]

Egypt accounted for nearly half of the International Finance Corporation’s (IFC) MENA investments in FY2017-18, Chief Investment Officer for the MENA region Deepak Khanna tells Gulf News. Of the USD 2.4 bn the IFC invested across the region throughout the fiscal year, the organization channeled USD 1.3 bn to Egyptian companies in the solar, agri-business, […]

The USD 1.6 bn Egypt-Saudi power interconnection project has reportedly been pushed to 2022 from 2020, Electricity Ministry sources said on Thursday, Al Mal reports. The plans for the power lines that are meant to run through Saudi Arabia will have to be redrawn with the kingdom planning to establish its USD 500 bn Neom […]

LEGISLATION WATCH- President Abdel Fattah El Sisi signed into law on Thursday amendments to the income tax code that would set a 2.5% tax on the quick sale value of real estate assets — whether in the form of a building or unoccupied land, AMAY reports. Under the new stipulations, property owners would not have […]

Youth Conference focuses on education reform and the end of rote memorization: The latest iteration of the Youth Conference, which took place at Cairo University, saw a detailed discussion and presentation led by Education Minister Tarek Shawki on Egypt’s reforms to the K-12 education system. The key highlight of the presentation: Students’ grades and GPAs […]