Author Archives: enterpriseam admin

Carbon Holdings could break ground on its USD 10.9 bn Tahrir Petrochemicals Corporation (TPC) by year’s end, CEO Basil El Baz is quoted in the domestic press as having said. The company issued a statement yesterday (pdf) with a full rundown on a Saturday evening ceremony that saw it sign some 48 key project documents […]

IPO WATCH- Egyptian electronics manufacturer SICO is planning to list shares on the EGX within three years, CEO Mohamed Salem tells Reuters’ Arabic service, without providing any further details on the potential share sale. The company had denied reports back in February that it was eyeing an IPO, but Salem tells the newswire that the […]

EXCLUSIVE- Futures contracts could debut on the EGX in early 2019: We could be seeing trading in futures contracts on the EGX in 2019, EGX sources told Enterprise. The bourse is will begin working on setting up the infrastructure and operating mechanisms for these contracts next year. The Federation of Egyptian Chambers of Commerce is […]

Gov’t to meet next week to set final lineup of the state privatization program: The Finance Ministry-led committee tapped to pull together the state privatization program will meet next week to decide on the final lineup of companies that will go out in the first wave of the program, minister Mohamed Maait tells Al Shorouk. […]

Eni denies that it has made a massive gas discovery in Egypt: Eni denied much-hyped reports that it made a massive discovery at the Noor gas field off the coast of North Sinai, Reuters reports. “There are prospects and new (geological) structures in Egypt but we still haven’t discovered anything,” Eni CEO Claudio Descalzi told […]

Egypt to pay USD 200-500 mn in arrears to oil companies by the end of September: EGPC plans on paying USD 200-500 mn in arrears to oil producers by the end of September, EGPC sources say. EGPC is in talks with the government to arrange the financing, according to the sources. The Finance Ministry had […]

EGX-listed companies rush to declare “we have no ties to Abraaj”: In a string of some 73 disclosures last week, companies rushed to meet an EGX requirement that they disclose any business or investment ties to embattled private equity firm Abraaj in the wake of the company’s collapse and liquidation, Youm7 reports. Yesterday saw six […]

INVESTMENT WATCH- Cargill and Archer Daniels Midland (ADM) have formally launched their joint venture, SoyVen, which will own and operate Cargill’s soy crushing facility in Borg El Arab, Cargill announced yesterday. “The joint venture consists of ADM and Cargill each holding a 50% interest, with the management team reporting to a board of directors appointed […]

LEGISLATION WATCH- Proposed law will regulate e-commerce: As we suggested last month would be the case, the Madbouly government is moving to regulate e-commerce, with the ICT Ministry currently drafting a law for the sector, said MP Mohamed Hegazi, chair of the House ICT Committee, according to AMAY. Hegazi, who spoke during a conference on […]

LEGISLATION WATCH- Parliament signs off on amendments to Customs Act: The House of Representatives approved yesterday amendments to the Customs Act, El Watan reports. The amendments would slash customs duties on capital goods and expand temporary exemptions for production inputs and packaging equipment, in addition to introducing provisions that aim to curb customs evasion. A […]