Author Archives: enterpriseam admin

IPO WATCH- Pharma manufacturer Rameda is planning to list up to 45% of the company’s shares on the EGX, sources close to the transaction tell us in the wake of a report in Al Mal on Thursday. Expect the EGP 1.9-2.3 bn transaction to include both primary and secondary sales that will see 35-45% of […]

M&A WATCH- Mondi completes acquisition of NPP: London- and Johannesburg-listed Mondi Group has completed the acquisition of 100% of Egyptian industrial bags maker National Company for Paper Products (NPP) for EUR 24 mn (EGP 510 mn), Mondi said in a press release on Wednesday. “We are excited to have completed this acquisition, which complements our […]

INVESTMENT WATCH- South Africa’s Tiger Brands is eyeing Egypt as one of several potential North African expansion markets, according to Bloomberg. The packaged-goods producer “makes products from energy drinks to peanut butter and porridge oats to shampoo” and is eyeing markets that have “have comparatively larger middle classes and more developed retail sectors than African […]

INVESTMENT WATCH- Did Eni pledge USD 3 bn in investments in Egypt? Eni plans to allocate USD 3 bn in new investments in Egypt over “the coming period,” Eni CEO Claudio Descalzi said, according to a purported statement from the Oil Ministry floating around in the local press on Thursday. The company’s investments in the […]

Ibnsina Pharma lays out case in appeal of antitrust case: Ibnsina Pharma has filed documents countering antitrust allegations leveled against the company by the Egyptian Competition Authority (ECA), said company Chairman Mohsin Mahgoub. A Cairo Economic Court had found in March that Ibnsina, along with competitors United Co. for Pharmacists, Ramco Pharm and Multipharma, had […]

Did Egypt save EGP 5 bn in potential int’l arbitration disputes? The State Lawsuits Authority won international arbitration disputes in April and May that have together saved Egypt around EGP 5 bn, sources at the authority said. The authority mounted a successful defense of claims by French environmental services firm Veolia Propreté, said the authority’s […]

LEGISLATION WATCH- House approves Leasing and Factoring Act: The House of Representatives gave its final approval to the Leasing and Factoring Act during a plenary session yesterday, Al Masry Al Youm reports. The law, which regulates leasing and factoring as non-banking financing tools that are subject to oversight by the Financial Regulatory Authority (FRA), limits […]

Talks with Russia to resume charter flights back on after World Cup: “The talks on opening charter flights to Egyptian resort cities will be resumed after the 2018 FIFA World Cup,” Russia’s Transport Minister Yevgeny Ditrikh said on Thursday. Representatives of the Egypt’s Civil Aviation Ministry have visited Russia during the 2018 FIFA World Cup […]

Egypt says it will file a formal complaint with FIFA about referee Enrique Caceres’ performance during the Pharaoh’s match against Russia last week. The national team went down to a 3-1 defeat that knocked Egypt out of the 2018 World Cup. “We want an investigation into the performance of the whole refereeing team,” Egyptian Football […]

CORRECTION- In last week’s Worth Reading on the state of Egypt’s VCs by Wamda, it was incorrectly noted that Vezeeta’s 2016 Series B round held the record in Egypt at USD 5 mn. That record was brokenlast month with BasharSoft’s job recruitment platforms Wuzzuf and Forasna raising USD 6 mn in Series B funding last […]