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M&A WATCH- Egypt Kuwait Holding (EKH) has placed a mandatory tender offer for 66.97% of Delta Insurance’s shares at EGP 20 per share, the Financial Regulatory Authority told the EGX. The Authority says it is currently assessing the offer. EKH had announced it received approvals to increase its stake in Delta Insurance to 99%. Zaki […]
Author Archives: enterpriseam admin
Posted inSpeed Round
EFG’s Rx Healthcare fund receives USD 27 mn in investment -sources
INVESTMENT WATCH- EFG Hermes’ Rx Healthcare fund has managed to raise USD 27 mn, sources told Al Mal. The paper says the fund took in USD 20 mn from GE Healthcare and USD 7 mn from the African Development Bank (AfDB). Sources added that the fund aims to reach USD 80-90 mn in size and […]
Posted inSpeed Round
Tax Authority reportedly takes action to seize EGP 990 mn from GTH
Tax Authority reportedly takes action to seize EGP 990 mn from GTH: Global Telecom Holding (GTH) said it has received information about, but not formal service of, an administrative seizure order by the Egyptian Tax Authority (ETA) concerning its local bank accounts for a contested amount of EGP 990 mn. GTH says it has been […]
Posted inSpeed Round
Earnings watch: GlaxoSmithKline reports 9M2017 results
EARNINGS WATCH- GlaxoSmithKline’s local subsidiary reported 9M2017 consolidated net profits of EGP 235 mn, compared to net profits of EGP 69.146 mn during the same period last year, according to a bourse filing.
Posted inSpeed Round
Ismail Cabinet forms new Supreme Anti-Terrorism and Extremism Committee
The Ismail Cabinet agreed yesterday to form a new Supreme Anti-Terrorism and Extremism Committee, according to an official statement. The new body replaces the Supreme Anti-Terrorism Committee established by President Abdel Fattah El Sisi last year, but it remains unclear whether the new committee’s mandate and powers will be any different from its predecessor. The […]
Posted inUncategorized
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Posted inEGYPT IN THE NEWS
Saad Eddin Ibrahim heckled at Tel Aviv University
Arab Israeli students heckled Egyptian-American lecturer Saad Eddin Ibrahim during a Tel Aviv University address on Egypt-Israeli relations, Times of Israel reports. The students staged a walkout in protest of Ibrahim’s willingness to address an Israeli audience, accusing him of being a “traitor” and for promoting normalization with Israel. “The university responded to the incident, […]
Posted inOn Deadline
Emergency rule looks like it’s here to stay
Emergency rule looks like it’s here to stay: The government’s quiet extension of the state of emergency, without preludes or justifications, seems to indicate that Egypt will permanently remain under emergency rule, Ashraf El Barbary pointedly says in Al Shorouk. He says the government has not provided (and does not seem intent on providing) any […]
Posted inWorth watching
Bioluminescent algae light up Tasmanian waters
Bioluminescent algae that lights up in a brilliant blue has been discovered off the coast of Tasmania. The location has been dubbed “underwater northern lights” because the algae that grows there responds to the slightest touch, turning the water to a shimmering bright blue, which has also earned it the name “sea sparkle.” (watch, runtime […]
Posted inDiplomacy + Foreign Trade
MFA denies trying to exclude Sudan from GERD negotiations, responds to Israel passing Jerusalem Act
The Foreign Affairs Ministry denied news reports that Egypt was proposing excluding Sudan from Grand Ethiopian Renaissance Dam (GERD) negotiations with Ethiopia. Ministry Spokesperson Ahmed Abu Zeid said “that the Egyptian proposal to invite the World Bank to participate as an impartial party in the GERD’s Tripartite National Committee (TNC) negotiations, has also been submitted […]