Author Archives: enterpriseam admin

IPO WATCH- CIHC to sell only 4% of Eastern Tobacco, will keep a controlling stake: The Chemical Industries Holding Company (CIHC) is planning to sell only 4% of its stake in the Eastern Tobacco Company under the state’s IPO program and retain a controlling 51% stake, CIHC Chairman Emad El Din Mostafa said yesterday. 45% […]

IPO WATCH- Electricity Ministry to postpone IPO of three companies operating Siemens plant until after full subsidy elimination in FY2020-21: The Electricity Ministry is reportedly pushing plans to IPO the three companies that will operate Siemens-built power plants until the state fully eliminates subsidies for electricity, an unnamed source from the ministry tells Al Mal. […]

The “Enron of Egypt” sets out to clean up its act. Arabia Investments (AIND) posted a normalized net profit after tax and minority of EGP 14.9 mn in 2017, the company said in a disclosure yesterday (pdf). Why is AIND emphasizing normalized results? After coming in to find their auditor referred to the company as […]

Kayan Egypt could begin assembling SEAT cars locally by 2020, CEO Karim El Naggar tells Al Mal. The company has recently reached an agreement with the Spanish automaker and is in “serious negotiations” to see SEAT models assembled by Bavarian Auto, Arab American Vehicles Co., and Egyptian German Automotives, El Naggar said adding that he […]

M&A WATCH- Elaj Group continues healthcare acquisition spree: Saudi Arabia’s Elaj Group has acquired a majority stake in Cairo Clinic Children’s Hospital in transaction worth EGP 9 mn, sources close to the matter tell Al Mal. The EGP 60 mn hospital remains stalled in the construction stage after running into financing challenges, the sources suggest. […]

Palm Hills Development (PHD) denies claims by Al Shorouk this week that the developer offered to acquire Qatari Diar’s Egyptian investments, the company said in a statement carried by Al Mal. A news story on Sunday said that PHD Chairman Yassin Mansour had made an offer for Diar’s New Cairo City Gate development, which has […]

UK MPs are calling on the May gov’t to end its ban on flights into Sharm (again): UK MPs have reportedly gotten fed up with their government maintaining its flight ban on Sharm El Sheikh airport, with 35 MPs signing an ‘early day motion’ calling for a new parliamentary debate on why the UK is […]

The Finance Ministry is planning to issue EUR 1-1.5 bn in eurobonds on the Luxembourg stock exchange in three-weeks’ time, sources close to the matter said. The eurobonds will have tenures of seven, 12, 15, and 30 years, they added. Officials are mulling whether to take the offering north of EUR 2 bn and will […]

Our broken wheat policy may cost us an extra EGP 1.4 bn this year: Egypt’s General Authority for Supply Commodities (GASC), the world’s largest wheat buyer. might be paying an extra EGP 1.4 bn on wheat imports this year as a result of “cumbersome import requirements,” according to a US Department of Agriculture report (pdf). […]

LEGISLATION WATCH- Uber and Careem are drafting a list of their grievances with the Ride-Hailing Apps Act in the hope of winning amendments before the bill becomes law, officials from the companies said. The two objecting to a stipulation that would require them to ensure that half of their fleets are made up of white […]