Author Archives: enterpriseam admin

EXCLUSIVE - We have the government’s debt plan for FY2018-19: Egypt’s foreign debt obligations in the FY2018-19 budget appear to have fallen marginally to EGP 32.3 bn from EGP 33.3 bn, Finance Ministry sources tell us. The government is hoping to borrow EGP 714.6 bn next year, up from EGP 696 bn in FY2017-18. EGP […]

EXCLUSIVE- FRA raises minimum required ownership stake for MTOs to 50% from 33%: The Financial Regulatory Authority (FRA) has approved regulatory amendments that require investors who own more than 50% of a listed company to make a mandatory tender offer to purchase the remaining shares, up from 33% currently, FRA deputy boss Khaled El Nashar […]

IPO WATCH- CI Capital saw its share price rise 19% to EGP 9.16 in its EGX debut on Monday, Al Mal reported. The company, which now trades under the CICH ticker, had completed its IPO to raise EGP 1.7 bn this week. The institutional offering was c.6.1x oversubscribed, while the retail offering tranche was 29.45x […]

M&A WATCH- Mondi confirms USD 28.7 mn NPP acquisition: Mondi Paper Sales said on Monday that it has agreed to acquire 100% of Egyptian industrial bags maker National Company for Paper Products (NPP) for USD 28.75 mn (around EGP 500 mn) “to expand deeper into the Middle East,” Reuters reports. “The acquisition of NPP complements […]

INVESTMENT WATCH- Gown rental platform La Reina raises USD 1 mn in funding round: Online gown rental platform La Reina announced on Monday (pdf) raising USD 1 mn in Series A funding, in a round led by Egypt’s Algebra Capital Ventures, alongside global venture capital fund 500 Startups. The platform, which allows women to rent […]

EFG Hermes topped the EGX’s brokerage league table for April with a 17.7% market share, according to figures released by the Egyptian Exchange (pdf). CI Capital came second with a market share of 13.2%. Our friends at Pharos Holding and HC Securities were more or less tied in third place at 5.9%, followed by Beltone […]

Egypt has seen the biggest growth in Airbnb guest arrivals that anywhere in Africa in the 2017/18 season, according to data by the company picked up by IT News Africa. Arrivals to Egypt increased 134% y-o-y, far outpacing Reunion (84%), Kenya (69%) and South Africa (60%). By city, both Hurghada and El Gouna topped the […]

Naguib is really hoping Trump’s potential meeting with Kim Jong Un goes smoothly: Sawiris is really rooting for a successful peace conference between US President Donald Trump and DPRK ruler Kim Jong Un, as it may the miracle that allows him to repatriate profits from Koryolink held up there for ten years, he tells Bloomberg […]

Rafale jets back on? Egypt quietly signed a communications security agreement with the US back in January that will likely allow the country to purchase US-made high-precision GPS-based air-to-ground weapons systems and components, such as the Rafale fighter jets it is looking to purchase from France’s Dassault Aviation, according to Canada Free Press. Dassault had […]