Author Archives: enterpriseam admin

M&A WATCH- A consortium made up of Ebtikar for Financial Investment Company, our friends at TCV and Acquire has submitted an offer to acquire 100% of Orascom Development Egypt’s (ODE) stake in Tamweel Group, according to a statement (pdf) from MM Group for Industry and International Trading (MTI), which holds a 50% stake in Ebtikar. […]

M&A WATCH- The Saudi-Egyptian Industrial Investment Company (SEII) is earmarking USD 50 mn to fund acquisitions over the next two years, CEO Ahmed Ata tells Al Mal. The company is currently in talks to acquire majority stakes in two companies in the food and textiles sectors and expects to complete the transactions during 1H2018, according […]

M&A WATCH- Nahw Development (completely new to us, folks) has completed a mandatory tender to acquire the remaining 49% stake in Cairo Development Investment Company (CDICO), which it launched last month, Al Borsa reports.Nahw bought13.59 mn shares at EGP 4.61 per share, pricing the transaction at EGP 57.5 mn. CDICO had appointed Osool to advise […]

Israel denies it is making concessions on the int’l gas arbitration award against Egypt—have the two sides agreed just to gloss over it? Senior Israeli officials have denied that last week’s pact to export USD 15 bn worth of natural gas to Egypt included an agreement to squash a USD 1.76 bn international arbitration from […]

LEGISLATION WATCH- Council of State reviewing Healthcare Act regs before they’re sent to Cabinet: The Health Ministry has sent the executive regulations to the Universal Healthcare Act to the Council of State (Maglis Al Dawla) for review before they are sent to the Ismail Cabinet to be issued, Alaa Ghanam, a member of the ministry’s […]

Housing Ministry rolls out ambitious EGP 32 bn Sinai development strategy: The Housing Ministry has completed mapping out a EGP 32 bn development strategy for Sinai, Al Mal reports. The strategy relies heavily on new incentives to attract investors to do business in the peninsula, which the ministry hopes would spur urbanization and population growth. […]

Nearly 750k Ukrainian tourists visited Egypt in 2017, a 90% y-o-y jump, Tourism Promotion Authority (TPA) head Hisham El Demery told the press yesterday, according to Al Masry Al Youm. In response to the surging demand, Ukraine International Airlines announced they would operate four weekly flights between Cairo and Kievas of 6 April, Al Shorouk […]

Russia plays the blame game on delay in resumption of direct flights: The resumption of civilian air traffic to Egypt from Russia has been delayed because air carriers have not reached an agreement on their ground handling, Russian Transport Minister Maxim Sokolov said on Monday, according to Reuters which cites RIA news agency. EgyptAir Chairman […]

EARNINGS WATCH- Edita Food Industries reported a 346.8% y-o-y surge in its bottom line to EGP 212.0 mn in 2017, up from EGP 47.4 mn in 2016, the company said in a statement yesterday (pdf). The jump in net profits comes as the company’s revenues for the year rose 21.6% y-o-y to surpass the EGP […]

MOVES- Shehab Mazhar has stepped down as Palm Hills Developments’ (PHD) the company’s board of directors after a 20-year run with the company, which he co-founded, according to an emailed company statement (pdf). Mazhar will continue to provide service to PHD through his private office, Shehab Mazhar Architects.