Author Archives: enterpriseam admin

M&A WATCH- The nation’s healthcare sector continues to be the most interesting center of gravity for M&A. The latest news sees Spain’s Mediterrania Capital acquiring a 40% stake in Cairo Scan for a reported EGP 103 mn. Mediterrania disclosed the investment, its first in Egypt in a statement (pdf) yesterday that stopped short of putting […]

El Nozha Int’l bucking acquisition offer from Cleopatra? Cleopatra Hospitals’ bid to acquire El Nozha International Hospital is apparently hostile, with Al Borsa reporting that it has seen a copy of a complaint El Noza has filed with the Financial Regulatory Authority (FRA) alleging that its shares were subject to stock market manipulation in the […]

EFG Hermes is opening a representative in Dhaka, Bangladesh, to serve its global institutional clients. “Bangladesh is a key market as part of our drive to expand our representation in high-potential frontier emerging markets,” said EFG Hermes Holding Group CEO Karim Awad. He added that the group is “actively exploring opportunities in both Sub Saharan […]

CI Capital’s IPO is happening, but may not be imminent, chairman signals: CI Capital’s IPO may not take place anytime soon, as the company has yet to decide on the transaction size, said CI Capital Chairman and Group CEO Mahmoud Attallah at the firm’s 2018 MENA Investor Conference, the kickoff of which we attended yesterday. […]

National Bank of Greece taps advisors for exit from Egypt: The National Bank of Greece has reportedly tapped Ernst & Young as financial advisor and Matouk Bassiouny and Freshfields Bruckhaus Dinger as legal advisors its planned sale of its Cairo branches, Al Borsa reports. Reports had emerged in November that the bank was shopping around […]

The budget deficit for the current fiscal year 2017-18 is expected to come in at 9.4% of GDP, Vice Minister of Finance Mohamed Maait told Reuters. The updated projection is over the initial rate of 9% and Maait attributes it to the increase in global oil prices and high local interest rates. And speaking of […]

Egyptian-American Enterprise Fund’s annual letter is out: 2017 proved to be an important year for the Egyptian-American Enterprise Fund (EAEF): The two first-time funds it seeded — midmarket player TCV and Algebra Ventures — invested in six companies in fintech, agribusiness, and food industries, EAEF said in its annual shareholders letter (pdf). The fund also […]

Military Production Ministry signs MoU with Orascom Construction for infrastructure development: The Military Production Ministry signed an MoU yesterday with Orascom Construction that will see them cooperate on various major projects, including roadworks, manufacturing, and the construction of water treatment and sewage systems. Cooperation on energy projects and railway upgrades is currently being studied, Al […]

Egypt to receive USD 3 bn from ITFC: Investment Minister Sahar Nasr has secured USD 3 bn in finance from the International Islamic Trade Finance Corp (ITFC), according to a ministry statement (pdf). The funding will be used to finance the purchase of basic goods and commodities, such as petroleum, wheat, and other subsidized food […]