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Global Telecom Holding (GTH) expects to book USD 965 mn in net proceeds from the potential sale of its assets in Pakistan and Bangladesh, the company said in a bourse disclosure (pdf). Amsterdam-based Veon Holdings had made an offer last week to acquire GTH’s Pakistan subsidiary Jazz and its associated operations, in addition to Bangladesh […]
Author Archives: enterpriseam admin
Posted inTelecoms + ICT
ICT Ministry to complete its assessment of PPP projects pitched in 2015 in two months’ time
The ICT Ministry expects to complete within two months its assessment of the feasibility of several PPP projects for the sector that were originally pitched during the 2015 Egypt Economic Development Conference, Vice Minister for Digital Transformation and Automation Khaled El Attar said, according to Al Mal. The proposed projects include the EGP 2 bn […]
Posted inBanking + Finance
Banque Misr lends EEHC USD 230 mn to finance investment plans
Banque Misr is lending the Egyptian Electricity Holding Company (EEHC) USD 230 mn to finance the company’s investment plans, an unnamed EEHC source tells Al Shorouk. The source declined to disclose the planned investments. The bank is sourcing the funding from a USD 500 mn loan it received from the China Development Bank in 2016. […]
Posted inBanking + Finance
NBE to establish three independent mortgage financing units
The National Bank of Egypt (NBE) is planning to establish three independent mortgage financing units in 6 October City, 10 Ramadan City, and the industrial zone in Minya, as part of the bank’s plan to expand its exposure to the Central Bank’s Mortgage Finance Fund, Vice Chairman Yehia Aboul Fotouh said yesterday, Al Shorouk reports. […]
Posted inBanking + Finance
GAFI issues non-objection to Sarwa establishing insurance companies
The General Authority for Investment and Free Zones (GAFI) has no objection to Sarwa Capital establishing two separate life and insurance companies, each of which will have a capital of around EGP 100 mn, Al Mal reports. Lebanese United Insurance company will own 15% of each of the companies’ shares. Sarwa is expecting to start […]
Posted inOther Business News of Note
AIB signs cooperation protocol with SCZone to provide funding, banking services to investors
The Arab Investment Bank (AIB) has signed a cooperation protocol with the Suez Canal Economic Zone (SCZone) that will see the bank provide funding and banking services to investors in the SCZone, AIB Chairman Hany Seif El Nasr said, Al Shorouk reports. AIB will also set up a branch in the zone in accordance with […]
Posted inEgypt Politics + Economics
Moussa Mostafa Moussa is forming an opposition coalition — to support the president
Former presidential candidate Moussa Mostafa Moussa is forming a nationalist “opposition” coalition whose mandate is to support President Abdel Fattah El Sisi, Al Masry Al Youm reports. According to Moussa, who heads the Al Ghad Party, the coalition is meant to oppose “the homeland’s enemies.”
Posted inON YOUR WAY OUT
Egyptian equestrian Sameh El Dahan wins Global Champions Tour Grand Prix in Paris f
Egyptian equestrian Sameh El Dahan won the Global Champions Tour Grand Prix in Paris over the weekend, earning him a standing ovation from the championship’s spectators, according to Inside the Games. “The young Egyptian and his mare turned the tables on the heavyweights of show jumping, triumphing against 10 world-class riders in an electrifying jump […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.83 | Sell 17.93 EGP / USD at CIB: Buy 17.84 | Sell 17.94 EGP / USD at NBE: Buy 17.78 | Sell 17.88 EGX30 (Sunday): 15,840 (-1.8%) Turnover: EGP 908 mn (9% below the 90-day average) EGX 30 year-to-date: +5.5% THE MARKET ON SUNDAY: The EGX30 ended […]
Posted inCALENDAR
16 July (Monday): Cairo Court of Appeals to issue ruling on EGP 5.6 bn antitrust case against pharma companies including Ibnsina. 23 July (Monday): Revolution Day, national holiday. 26-28 July (Thursday-Saturday): Green Banking: The Road to Sustainable Development, Baron Palace, Sahl Hasheesh, Hurghada. 16 August (Thursday): CBE’s Monetary Policy Committee meeting. 21-25 August (Tuesday-Saturday): Eid […]