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Sudan’s ambassador to Egypt Abdel Mahmoud Abdel Halim will return to Cairo tomorrow, Sudanese Foreign Minister Ibrahim Ghandour tells Reuters. Abdel Halim had been recalled “for consultations” in January amid souring ties between the two countries over disputes in sovereignty over the Halayeb Triangle and “Egyptian suspicions of a Sudan-Turkey naval agreement,” the newswire notes. […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Insurance for private-sector workers, media crackdown, and Supreme Court’s ruling on Tiran and Sanafir
The official launch of insurance policies to cover non-government workers was one of several topics on the brains of the nation’s talking heads last night (We have full coverage in Speed Round, below), who were also preoccupied with the media crackdown and the Supreme Court’s ruling yesterday upholding Egypt’s agreement with Saudi Arabia over the […]
Posted inSpeed Round
Egypt could join OPEC after 2019 -El Molla
With gas secured, Oil Ministry takes aim at fuel: Egypt plans to close the supply deficit for fuel and petroleum products within three years, Oil Minister Tarek El Molla said in an interview with Mehwar TV’s Akher El Osboo’ program (watch, runtime: 2:19). The ministry plans to close this 35% deficit by building up refining […]
Posted inSpeed Round
Court accepts Ibnsina’s appeal in antitrust case
Court accepts Ibnsina’s appeal in antitrust case: The Cairo Court of Appeals has agreed to hear Ibnsina Pharma’s appeal against an Economic Court ruling that fined the company, alongside three other pharma manufacturers, a combined EGP 5.6 bn fine for alleged antitrust violations, Al Borsa reports. A Cairo Economic Court on Wednesday had found that […]
Posted inSpeed Round
Is LafargeHolcim divesting some or all of its Egyptian assets?
Is LafargeHolcim divesting some (or all) of its Egyptian assets? Cement giant LafargeHolcim could see some of its assets in Egypt sold as part of a new cost-cutting and asset sale strategy announced by new CEO Jan Jenisch on Friday, Reuters reports. The company is planning to shed CHF 3.8 bn (USD 4.1 bn) in […]
Posted inSpeed Round
EMRA threatens to revoke Matz Holding’s gold license
EMRA threatens to revoke Matz Holding’s gold license: The Egyptian Mineral Resources Authority (EMRA) has granted Cyprus’ Matz Holding a one-week grace period to present a financial and technical strategy to restart operations at the Hamash mine before revoking the company’s gold license, Youm7 reports, citing an unidentified source. EMRA had deemed that the Hamash […]
Posted inSpeed Round
EBRD wants to buy into state-owned banks IPO
IPO WATCH- EBRD wants to buy IPO of state-owned banks: The European Bank for Reconstruction and Development (EBRD) is looking to acquire stakes in national banks that will list as part of the state IPO program, EBRD Managing Director for the Southern and Eastern Mediterranean Janet Heckman tells Egypt Today in an interview. The investments […]
Posted inSpeed Round
EAEF looks to acquire majority stake in Misr Hytech Seed Int’l
M&A WATCH- EAEF looks to acquire majority stake in Misr Hytech Seed Int’l: Our friends at the Egyptian-American Enterprise Fund (EAEF) are reportedly looking to acquire a controlling stake in seed-focused biotech firm Misr Hytech Seed International, sources close to the transaction told Al Borsa. EAEF, which is hoping to partner on the sale with […]
Posted inSpeed Round
Nahw Development buys 29.1% stake in CDICO
M&A WATCH- Nahw Development (again, never heard of them) has purchased a 29.1% stake in Cairo Development Investment Company (CDICO) for EGP 57.5 mn, CDICO said in an EGX disclosure (pdf). Nahw bought 13.69 mn shares at an average price of EGP 4.2 per share. CDIC announced the completion of a mandatory tender offer by […]
Posted inSpeed Round
Saudi-Egyptian consortium to invest EGP 600 mn in new int’l schools
INVESTMENT WATCH- Saudi-Egyptian consortium to invest EGP 600 mn in new int’l schools: A consortium of Saudi and Egyptian investors is planning to construct two new international schools in Egypt worth a combined EGP 600 mn through its newly-established company, Egypt Learning Group (ELG), founding partner Ayman Badr tells Al Mal. ELG has reached an […]