Author Archives: enterpriseam admin

REGULATION WATCH- EGX-listed companies could soon have to contend with short sellers. The Financial Regulatory Authority’s (FRA) board of directors has reportedly approved proposed amendments to the Capital Market Act’s executive regulations that govern short-selling, Youm7 reports. A committee of FRA consultants suggested that the amended regulations include provisions that allow brokerage and securities firms […]

INVESTMENT WATCH- EFG acquires four schools in EGP 1 bn transaction from TMG, GEMS tapped as operator: EFG Hermes acquired four national and British schools in Cairo's suburbs from the Talaat Moustafa Group (TMG) in a transaction worth EGP 1 bn (USD 56 mn), according to a regulatory filing (pdf). Under the agreement, EFG Hermes’ merchant […]

The UAE’s Dana Gas announced yesterday that it received USD 40 mn in payments from the Egyptian government, bringing total dues received so far in 2018 up to USD 88.8 mn. The funds will mostly be used to bolster Dana’s liquidity, allowing the company to pursue a number of projects in its pipeline, which include […]

IPO WATCH- Eastern Company board agrees to list additional 4% on EGX under privatization program: Eastern Tobacco’s board has agreed to offer for sale an additional 4% of the company on the EGX under the state’s privatization program, Public Enterprises Minister Khaled Badawy said yesterday, Reuters reports. The Chemical Industries Holding Company (CIHC) had said […]

DEMERGER WATCH- Spinoff from Arab Cotton Ginning Co. to start trading in two weeks’ time. EGX-listed Arab Cotton Ginning will spin off Arabia Asset Management and Development (AAMD) as a separate entity in two weeks’ time when AAMD starts to trade independently on the EGX, investor relations head Youssef Mohammady says. The demerger gives Arabia […]

M&A WATCH- Arqaam Securities Brokerage completed Al Ahly Capital’s EGP 744 mn acquisition of 100% of the International Company for Livestock from its corporate parent, the National Bank of Egypt, according to Mubasher. The agreement will see Al Ahly Capital use the livestock company’s 600-feddan farm in Abu Rawash to establish an industrial project with […]

Changing of the guard at the CPA is not as exciting as we had hoped: Consumer Protection Agency (CPA) head Rady Abdel Moty Ali gave his first interview since his appointment as the replacement of Atef “Smiley Face” Yakoub earlier this month. From his statements to Al Ahram, we sense that Yakoub will be present […]