Author Archives: enterpriseam admin

IMF executive board signs off on USD 2 bn disbursement: The Executive Board of the IMF announced on Wednesday that it has completed its second review of Egypt’s economic reform program, which will unlock a USD 2.03 bn tranche of the USD 12 bn Extended Fund Facility. The sign-off brings total disbursements to about USD […]

IPO WATCH- The institutional offering tranche of Al Tawfeek Leasing Co. (AT Lease) shares was 40.16x oversubscribed for the 14.4 mn shares offered, generating EGP 95.04 mn from investors. Our friends at Pharos Holding, the sole bookrunner and coordinator for the transaction, reported receiving orders from investors totaling EGP 3.8 bn with a final price […]

M&A WATCH- Heidelberg Cement subsidiaries Suez Cement and Tourah Cement have signed agreements to sell their respective stakes of 53.32% and 4.52% in Suez Bags to Mondi Paper Sales, according to bourse disclosures. Both sales were for EGP 26.01 per share and the transaction is contingent on board approvals. Once approved, Mondi will submit a […]

We got in touch with our friends at EFG Hermes yesterday who confirmed to us that EFG Hermes Investment Banking acted as the sole buy-side advisor to Eagle Capital in their acquisition of Egyptian Media Group. Maged El Ayouti, Deputy Head of Investment Banking at EFG Hermes, commented saying “the acquisition of Egyptian Media Group […]

What exactly is happening with Sawiris and North Korea? An official from Orascom Telecom Media and Technology Holding (OTMT) denied that the company is withdrawing from North Korea. Statements from the official, who spoke to Youm7 on condition of anonymity, follows a report from the Korea Times suggesting that Sawiris was backing out of his […]

The Universal Healthcare Act will cost the state EGP 9 bn in the first year of implementation, said Vice Minister of Finance Mohamed Maait in a press conference on the law on Wednesday, Al Borsa reports. This will gradually be increased to EGP 600 bn by 2032 as the new healthcare system gets rolled out […]

Zohr officially came to life yesterday: Eni announced the production of first gas from the supergiant Zohr field. The Italian company says the production was reached in “record time for this type of field of less than two and a half years.” CEO Claudio Descalzi says Zohr, which is estimated to hold 30 tcf of […]

China’s foreign direct investments in Egypt grew 75% in 1H2017, said trade and economic attaché with the Chinese Embassy Han Peng, according to Al Borsa. He broke down some of this year’s investments (mostly concentrated in the TEDA industrial zone in Ain Sokhna) as such: Jushi invested USD 170 mn in a fiber glass factory; […]

The Ismail cabinet gave its preliminary approval yesterday to the Unified Planning Act drafted by the Planning Ministry, according to an official statement. The bill sets a framework for the state to regulate the planning and execution of national projects based on their merit, costs and sources of funding. Ministers also agreed to establish a […]