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Author Archives: enterpriseam admin
Posted inWhat We’re Tracking This Week
What we’re tracking this week
Pharos Holdings will be holding a two-day investor conference headlined ‘In Search of Egypt Alpha’ tomorrow and Tuesday. The event, set to be attended by a number of senior government officials, is expected to host around 40 companies from a range of industries, Chairman and CEO Elwy Teymour said in a statement (pdf). The opening […]
Posted inON THE HORIZON
On the horizon
An Egyptian-Portuguese Business Forum is set to take place in the first half of this month, Trade and Industry Minister Tarek Kabil announced, following up on a round of talks held this past October.
Posted inEnterprise+: Last Night’s Talk Shows
Interest rate cuts, Ride-Hailing Apps Act break the stream of elections coverage
Between the Ride-Hailing Apps Act and the CBE cutting interest rates, the talking heads had a lot to talk about last night as they looked to wean themselves off last week’s OD on election news. The CBE’s move to cut interest rates on Thursday was necessary and is a clear sign the bank is moving […]
Posted inSpeed Round
MPC cuts interest rates 100 bps
The central bank’s Monetary Policy Committee cut interest rates 100 bps on Thursday, the CBE said in a statement (pdf). The central bank’s overnight deposit rate is now 16.75%, its overnight lending rate and discount rate also dropped 100 bps to 17.25%. The move was in line with market expectations, Reuters reports, with research houses […]
Posted inSpeed Round
Egypt’s carry trade to stay “good” until end of 2018 -Arqaam
How’s the rate cut going to hit the carry trade? The CBE’s move to cut interest rates comes amid concerns that higher US interest rates will fuel a battle for funds among emerging markets, writes Bloomberg’s Ahmed Feteha. “There was a view that with inflation slowing so fast the central bank might cut more, but […]
Posted inSpeed Round
Government could introduce legislation “within weeks” to establish a sovereign wealth fund
The government could introduce legislation “within weeks” to establish a sovereign wealth fund, unnamed state officials tell Al Masry Al Youm. The Justice Ministry is reportedly finalizing the text of a proposed draft bill, prepared by the Planning Ministry, to establish and govern the fund, which will aim to put the state’s assets and excess […]
Posted inSpeed Round
B Investments stock price jumps 10% in EGX debut
IPO WATCH- B Investments saw its share price rise 10% to EGP 11.82 in its EGX debut on Thursday. The company, which now trades under the BINV ticker, had completed its IPO to raise EGP 460 mn last week with the retail tranche having been 84.4x oversubscribed. Sigma Capital was the sole coordinator and bookrunner, […]
Posted inSpeed Round
Heliopolis Housing could list as much as 30% more shares on EGX, bring freefloat up to 57%
IPO WATCH- Heliopolis Housing & Development is considering the sale of another 30% of its shares under the government’s IPO program, a Public Enterprises Ministry official tells Al Shorouk. The move would bring the company’s total freefloat up to 57%, with the Holding Company for Building and Construction holding the balance. Heliopolis Housing is on […]
Posted inSpeed Round
Egypt account deficit narrows 64% to USD 3.4 bn in 1H2017-18
Egypt’s current account deficit fell 64% y-o-y to USD 3.4 bn in 1H2017-18, improving from a deficit of USD 9.4 bn in 1H2016-17, according to a CBE report (pdf) on Thursday. At play: The ongoing rebound in tourism, remittances and an increase in merchandise exports. Egypt’s balance of payments recorded a surplus of USD 5.6 […]