Author Archives: enterpriseam admin

FRA approves new listing regs that raise freefloat requirement: The Financial Regulatory Authority (FRA) signed off yesterday on amendments to EGX listing regulations that raise the minimum requirement for the number of shares that need to be in freefloat, according to a FRA statement. Under the amended regulations, companies looking to IPO will have to […]

EFG Hermes has received regulatory approval to offer factoring services in the Egyptian market this year. The company announced yesterday (pdf) that its new business unit, EFG Hermes Factoring, now has a license to begin offering “tailor-fit factoring packages that cater to the needs of large-cap corporations as well as to those of SMEs,” EFG […]

M&A WATCH- A group of investors have acquired 100% of retail-focused brokerage Arab Finance, according to a company release. The group includes former Pharos board member Mohamed Radwan and HC Securities Head of Asset Management Omar Radwan, who said that new investors in the firm have promised to inject substantial capital into the company to […]

M&A WATCH- It looks like TE might be going after OTMT’s MENA Cables after all. Telecom Egypt said it is trying to arrange financing for a potential investment opportunity in submarine cables. The state-run telecom operator is planning to reduce its proposed dividends to shareholders this year, to EGP 0.25 from EGP 1 per share, […]

MOVES- Paper products outfit Fine snags globally experienced exec as new CEO: Fine Hygienic Holding has appointed globally experienced exec James Michael Lafferty as its new CEO, Al Mal reports. Lafferty (LinkedIn) takes up his new duties on 1 April and is a former executive with Procter & Gamble, with whom he traveled the globe […]

Egyptera to meet in two weeks to discuss pricing formula for July power bill hike: The Egyptian Electric Utility and Consumer Protection Agency (Egyptera) will meet in two weeks’ time to discuss the hike in power prices set to take place in July, government sources said yesterday. Egyptera is currently studying a number of proposals, […]

LEGISLATION WATCH- A copy of the Ride-Hailing Apps Act has leaked to the press: The current draft of the Ride-Hailing Apps Act, which is under review at the House Transport Committee, has been leaked, courtesy of Al Mal. The law, which would regulate companies such as Uber and Careem, has recently been pushed to the […]

LEGISLATION WATCH- The Council of State (Maglis Al Dawla) is reportedly expecting to refer the new Customs Act back to the Cabinet next week. Maglis Al Dawla intends to conclude its review of the act by the end of next week, after discussing some final points in the bill with representatives from the Finance Ministry […]

LEGISLATION WATCH- House Industry Committee wants to raise minimum domestic content needed for anything to qualify as “made in Egypt.” The House of Representatives’ Industry Committee is currently discussing amendments to the Industry Act with eye to providing incentives to increase domestic component requirements for manufacturing, committee chair Ahmed Samir told Amwal Al Ghad earlier […]

LEGISLATION WATCH- The executive regulations to the NGOs Law are ready and will be issued “within days,” an unnamed Social Solidarity Ministry source tells Al Mal. According to the source, the regulations — which should have been issued by last July — are expected to clarify several parts of the contentious law. Parliament had signed […]