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Hany Tawfik has stepped down as CEO of Union Capital and Misr Venture Capital — the EGP 150 mn bailout fund for idle small- and mid-sized factories — but will retain his position as a board member in both, he tells Al Borsa. Tawfik submitted his resignation after completing the framework for restructuring idle factories, […]
Author Archives: enterpriseam admin
Posted inOther Business News of Note
EGX approves Sinai Cement’s EGP 680.5 mn capital increase
The EGX approved on Thursday Sinai Cement’s request to increase its issued capital to EGP 1.3 bn from EGP 680.5 mn, according to an EGX filing. The capital increase will be by financed through a rights issue to existing shareholders. The new shares will be added to the EGX database as of today.
Posted inEgypt Politics + Economics
Administrative Court overturns ruling against Mubarak, Nazif, Adly over 2011 telecom shutdown
The Supreme Administrative Court issued a decision yesterday to overturn a previous ruling to fine former president Hosni Mubarak along with former prime minister Ahmed Nazif and ex-interior minister Habib El Adly some EGP 540 mn for cutting electronic communications during the 25 January uprising, Al Ahram reports. The initial ruling was issued in 2011 […]
Posted inNational Security
Egyptian, French navies conduct demining drill
Egyptian and French naval forces conducted a joint demining drill in the Red Sea on Friday, according to a statement from Egypt’s Naval Forces. This comes one month after the two countries concluded the Cleopatra 2018 joint naval exercise in the Red Sea.
Posted inSports
Salah’s goal in the spotlight despite 2-1 loss to Portugal
Mohamed Salah’s goal against Portugal in a World Cup warm-up on Friday has topped local and international coverage despite Egypt’s 2-1 loss. Salah’s goal was “effortlessly brilliant”, says GMS’ Danny Ryan, putting “Egypt on the verge of a famous friendly win” over Portugal, according to Ahram Online. Reuters also has the story, while Sky Sports […]
Posted inON YOUR WAY OUT
Egypt wins 96 medals in Abu Dhabi’s Special Olympics MENA Games
Egypt won 96 medals at the Special Olympics IX MENA Games 2018 in Abu Dhabi, Al Masry Al Youm reports. The hardware haul included 52 gold, 23 silver, and 21 bronze. The Egyptian team was the largest at the event, with 160 athletes.
Posted inON YOUR WAY OUT
King Farouk’s 18-carat gold watch is now the most expensive timepiece ever sold in the region
King Farouk’s 18-carat gold watch is now the most expensive timepiece ever sold in the region: The late King Farouk’s 18-carat gold Patek Philippe watch was sold to anonymous buyer at a record-high price of USD 912.5k at Christie's in Dubai on Friday, according to Bloomberg. The watch had been estimated to be worth USD […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.5861 | Sell 17.6828 EGP / USD at CIB: Buy 17.59 | Sell 17.69 EGP / USD at NBE: Buy 17.55 | Sell 17.65 EGX30 (Thursday): 17,065 (-0.5%) Turnover: EGP 1.5 bn (31% above the 90-day average) EGX 30 year-to-date: +13.6% THE MARKET ON THURSDAY: The EGX30 ended […]
Posted inCALENDAR
28-31 March 2018 (Thursday-Sunday): Cityscape Egypt, Cairo International Convention Centre, Cairo. 02-03 April (Monday-Tuesday): Pharos Holding’s investor conference: In Search for Egypt Alpha, Cairo. 08 April (Sunday): Easter Sunday, national holiday. 09 April (Monday): Sham El Nessim, national holiday. 11 April (Wednesday): The Game Sports Industry Conference, Nile Ritz-Carlton Hotel, Cairo. 17-18 April (Tuesday-Wednesday): Creative […]
Posted inWhat We're Tracking Today
What we’re tracking on 22 March 2018
The state IPO program unveiled this week is getting props from IMF Egypt Mission Chief Subir Lall, who tells Al Mal that the listing of state-owned companies will help boost the local capital market. The US Federal Reserve's Open Market Committee lifted its benchmark overnight lending rate 25 bps to a range of 1.50%-1.75%, the […]